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:

The March 21, 2013 budget closed several loopholes including synthetic dispositions. Knowledge Bureau Report has been examining examples of arrangements that are now closed and their financial outcomes. Last issue we examined the forward sale of securities; in this issue, we provide an example involving the forward sale of other assets.

Health care and home care is expensive to governments and can leave gaps in services that you may find unacceptable for your loved one.

Tradition Law, LLP and Knowledge Bureau partner to help Powers of Attorney starting with Attorney School in Manitoba on June 1.

WINNIPEG, MANITOBA – According to a recent survey conducted by the Manitoba Securities Commission (MSC), one in five Manitobans have been approached by what they thought was investment fraud, thirty percent of Manitobans don’t recognize investment fraud and twenty five percent believe that reporting investment fraud is more trouble than it is worth.

In 2050, 2 billion people worldwide will be over age 60 – it’s the fastest growing age cohort in the world. Learn how the changing demographics will impact the future at our upcoming Distinguished Advisor Conference, November 10-13, 2013 in Ojai, California.

Help the young adults in your life become smart and savvy with their money and build a rich future. Smart, Savvy Young Consumer – Buy 3, Get 1 Free!  Use PromoCode: KBRSPECIAL.