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:

Seniors have the option to defer starting their OAS pensions for up to five years (i.e. starting at age 70 rather than 65). 

We continue our Synthetic Dispositions series this week with a look at indebtedness in exchanges of property.

How would you help the victims of this tax crime? 

Allowing too much erosion up front (before investing and along the way reduces the opportunity to accumulate, grow, preserve, and transition wealth and cripples the power of compounding.

If uncertainty is king in 2013, how do tax and financial advisors collaborate to help clients understand the effect of today’s investment decisions? 

Shape up in tax bootcamp! Reserve by June 30 to beat tuition increases.