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:

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In 2013, you will be able to contribute an additional $500 to your Tax-Free Savings Account (TFSA), taking the annual contribution limit to $5,500.

Aging small and medium-sized business owners are ill prepared to transition their businesses and that oversight, says CIBC economist Benjamin Tal, could be costly — for business owners and for the economy.

Christmas has just gotten a lot easier in Canada, thanks to the Santas in the federal government.

If a company receives a “break fee” in a failed takeover attempt, that fee is income for tax purposes, not a capital gain or a non-taxable “windfall.”