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:

Pursuant to Section 133 of the Constitution Act 1867, the Parliament of Canada is required to pass all legislation in French and English, with both versions having equal force.

The Canada Revenue Agency (CRA) has been charged with reducing red tape and making it easier for small businesses to do business.

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Knowledge Bureau EverGreen Explanatory notes are an online research library to assist tax and financial professionals working with their clients. Try EverGreen today for interesting, current articles!

What can an advisor who has the usual mix of clients learn from a family office business serving the ultra high net worth? A lot, according to Terry Jenkins, president of BMO Private Bank, U.S., in Chicago and a speaker at this year’s Distinguished Advisor Conference.

Statistics Canada released revised data on the income of Canadian households for 1981 though 2010.