Bill C-31: Royal Asset and New CRA Powers Could Come Soon

Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:

Today, more than ever, both first and lasting impressions count. Learn to make your ABCs—Appearance, Behaviour, Communication—align with your Personal Brand. This new release from Catherine Bell will be available at the end of October. Pre-order your copy today!

Take a peek into the future at what your retirement will look like—financially speaking—after tax, for both you and your spouse. Check out the Tax-Efficient Retirement Income Calculator with a free trial.

An interesting decision was delivered last month in a Tax Court of Canada case (Marion Sotski v. The Queen (2013) TCC 286) in Edmonton regarding the deductibility of the cost of hardwood floors in the home of a person suffering from Parkinson’s disease.

According to a recent Stats Canada National Household Survey, Canadians are very industrious: collectively, 27.3 million of us earned $1.1 trillion, and two thirds of Canadians pay taxes. 

A good argument can be made for a Registered Disability Savings Plan (RDSP) deposit before year end to maximize government support for the disabled in the family.

An effective year-end tax strategy is to donate to charity. Investors can do so by transferring qualifying shares to their favorite charity and avoid capital gains taxes by doing so.