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:

Ensure your clients’ gifts complement their overall wealth management strategy in a tax-effective manner. Enrol in Investment Strategies in Charitable Giving by October 23 and save $200.

Get the information you need with just a few clicks – definitions, tax facts, examples, tips and traps, plus interview checklists and questions to ask your clients – with EverGreen Explanatory Notes.

Tiff Macklem, Senior Deputy Governor of the Bank of Canada, told the Economic Club of Canada in Toronto last week that the Canadian economy needs annual growth of at least 2.5% to put a meaningful dent in the remaining slack in the Canadian economy.

Registered Disability Savings Plans (RDSPs) have been around since 2008 and they remain a lucrative savings plan for the disabled.

Winston Churchill once said: we make a living by what we get, but we make a life by what we give. It does feel good to do good. . .and doing good often attracts rewards as well. 

In a recent appeal to the Tax Court of Canada (TCC), Emily Sowah argued that the Minister of National Revenue (the Minister) was incorrect in disallowing her charitable tax credit for purported cumulative gifts of $10,252 in the 2006 taxation year.