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:Featured Course: Elements of Real Wealth Management - FREE TRIAL!
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Featured Speaker: Join Knowledge Bureau Team at Radius Retirement Conference
Come out to meet Director of Operations, Al Gordon and Knowledge Bureau faculty member, Alan Rowell, MFA, DFA-Tax Services Specialist, who will be speaking on Real Wealth Management™ – Tax Efficient Retirement Income Layering at the RRC on April 3.
Budget Tax Changes Hit Business Activities Broadly
The March 21, 2013 budget was a significant document, which upon reflection, will require high net worth clients, particularly business owners, and their advisors to rethink wealth, retirement and estate plans.
It’s Curtains for Tax Cheats
Offshore Tax Cheats: the Finance Department wants You! The CRA will be empowered to pay you a “finder’s fee” for identifying international tax cheats as a result of new provisions in the March 21, 2013 budget. Further, businesses using “zapper” software to evade taxes by hiding or “suppressing” sales income will face stiff new penalties and criminal convictions – with fines in the 7 figures.
Evelyn Jacks: Report Your Foreign Holdings
Canadians with foreign holdings at any time in 2013 (not just at the end of the year), will need to provide more information to the CRA, starting with the 2013 tax year.
Featured Tool: EverGreen Explanatory Notes
Updated with details from Budget 2013, EverGreen is your ever-current online resource for answers to tax questions about personal and corporate tax, and the GST. Be more efficient this tax season with the most current information you need just a few clicks away. View the free demo today!
