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:

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Become a more astute compliance manager to ensure payroll is more than simply accurate with Advanced Payroll – updated for 2013. Enrol by July 23 and save $200.

Knowledge Bureau author and speaker, Larry Frostiak, will be joining the Distinguished Advisor Workshop tour this November as a featured speaker for the Corporate Tax Bootcamp, November 1-6 in a city near year.

The Registered vs Non-Registered Savings Calculator let you see at a glance how your saving will accumulate over time based on your current savings balance and your plan for periodic deposits. The calculator shows the results in a non-registered savings account as well as in a registered savings account such as an RRSP or TFSA as well as the future value of the accumulated deposits.

Enjoying the summer cottage is a Canadian tradition. Do you know what your cottage is worth? According to David Christianson, this week’s guest columnist, a valuation this year might be a good idea, as high cottage values could bring succession challenges.  

Do you know of a non-resident receiving OAS? To ensure that OAS payments are not interrupted, please let them know that a special return must be filed.