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:

To be seen as a leader in your field, be seen at the 10th annual Distinguished Advisor Conference, November 10-13. Our media sponsor, Investment Executive will be onsite reporting from the event and Knowledge Bureau will be tweeting, but you really need to be there in person to experience this extravaganza! 

Make the most of your investment in the family business. Provide for your heirs and your own retirement while minimizing the tax impact. This book is a great resource for your family business owner clients.

As students head back to school and snowbirds start preparing for travel, advise your clients on how their cross border actions will affect their tax situation. Try a free trial today and enrol by September 3 to save $200.

As we all know, “you can’t take it with you” so sooner or later, everyone has to transfer their assets to someone else.

­Changes to Personal Service Businesses were amongst those enacted in Bill C-48. They will be discussed in more detail in Knowledge Bureau’s November Corporate Tax & Year-End Planning Bootcamp. However, key changes are described below. 

Fall is a great time for year-end tax planning and this year, strategic philanthropy in the family has taken on new meaning in light of the new temporary First-Time Donor’s Super Credit for first time donors.