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:

Is it true if you have a balance owing to CRA and you do not want to pay on-line you need to call CRA for a pre-printed form?

The Atlantic Investment Tax Credit provides a 10% refundable tax credits for certain investments in new buildings, machinery and equipment used in the Atlantic region and the Gaspé Peninsula, in farming, fishing, logging, manufacturing and processing, oil & gas, and mining industries.

Canada has one of the largest networks of bilateral tax treaties in the world. In Canada, the Government signs treaties with other nations, but Parliament must enact the laws to make the rules within them enforceable.

A guest column by Dr. Michael Graham, Ph.D.  whose career has spanned 50 years, leading research and investment strategy at Wood Gundy, Dominion Securities Ames/Pitfield, Merrill Lynch Canada, Midland Walwyn, and now his own investment counselling firm Michael Graham Investment Services Inc. through which he writes about Canada’s potential as an exceptional worldwide place for investment.

If you receive a T4 slip you forgot about after you have filed your tax return, don’t file another return. Just send in a copy of the slip with a T1 Adjustment Request from (T1ADJ).

Despite the busyness of tax season, Knowledge Bureau Newsbooks took some time to celebrate Evelyn Jacks' bestselling 49th and 50th books with the home crowd in Winnipeg!