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:

If you have a commercial debt obligation—a debt on which interest would have been deductible in computing income from a business or property—and that loan is forgiven, you’ll have a tax consequence.

The Supreme Court of Canada (SCC) recently released its decision in Envision Credit Union v. Canada, a case concerning an amalgamation of two credit unions in British Columbia.

Interest income is common to most investors. It can often accrue on a compounding basis (that is, interest is reinvested rather than paid out to the investor during the term of the contract).

In honour of October being Small Business Month, let's uncover the inspiring benefits of running a home-based business.

With the arrival of Fall and year-end preparation about to begin, Knowledge Bureau offers a number of options to hone your skills, fill knowledge gaps, and satisfy your CE/CPD requirements.

Knowledge Bureau’s November live event line-up of Corporate Tax & Year-End Planning Bootcamp and our 10th annual Distinguished Advisor Conference are sure to provide valuable and intensive learning and networking experiences. We are pleased to introduce Larry Frostiak as a featured speaker at both events.