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:

This week: 10 neat things about birds.

Prepare corporate income tax returns with confidence in the process and your skills. Learn how to understand the businesses issues and tax options that underlie the taxation of corporate income, so the return can be prepared accurately – minimizing tax and identifying planning opportunities on a timely basis.  

Detect and Deflect the Crap: A no-nonsense approach to personal finances. KBR readers receive $5 off if they order before January 28.

One of the key issues for employees considering a new job is the take home pay for the position, especially if the job is in a different province. This calculator provides an estimate of the take home pay based on salary, exemptions, deductions and province of residence.

If Canada is to maintain its leading position, we need to be less reliant on credit-financed household spending and more geared to exports, investment and innovation, says Tiff Macklem.

It is becoming easier to understand and invest in scholarship plans, thanks to new, enhanced disclosure requirements.