AUTHREP Changed July 15

Since July 15, the "Authorize a Representative" service in EFILE, accessed through tax software, will no longer be available. Tax professionals must now use the Represent a Client (RAC) portal to request online access to a client’s account.

Filing a tax return is the first (and often most important) financial transaction of the year for most Canadian families. While Canadians love their tax refunds, they won’t start flowing this year until March, as CRA won’t accept your E-filed returns until Monday, February 24 and refunds likely won’t flow until at least March this year. Reality check: tax refunds are a poor financial planning strategy.

There are 10 key tax filing milestones coming right up in February and March.  Have you discussed them with your clients? Check out the Knowledge Bureau Professional Tax Filing Matrix and nudge your clients along to book appointments in advance of what is sure to be a very busy tax season. Plus, there is still time to train new and returning staff on the changes to the 2019 tax return.

TOSI, a most controversial provision introduced on July 17, 2017 is now in its second reporting year. As many companies are  preparing T5 slips, dividends distributed from certain professional corporations must be properly reported for non-active members of the family. Tax specialists will want to discuss where the onus of proof lies for proper reporting and brush up on the complex rules and their impact using tax form T120.

The home is the most significant asset for many Canadian households. It can bolster personal net worth, and once paid off it reduces future costs of living. Before tax season starts and the RRSP season ends, it’s important to bring this conversation to the forefront for clients like Millennials and Boomers, in particular. Learn why in the first of this three-part article:

Best-selling author Doug Nelson, CFP, CLU, MFA™, RWM™, CIM, is a 27-year veteran of the financial services industry in Canada with a singular vision for his readers:  Don’t just “do” retirement…instead “Master Your Retirement”!  And he has some upbeat advice for those still worried about the one big question all retirees have. 

The 2020s are starting out in tumultuous fashion. The economic impact of ongoing concerns like climate change, global pandemics, global political risks and local strike actions of various kinds all have impact on financial decision-making. Issues that are much different than decades past require bold thought and bright insights.  For these reasons, Canada’s premiere advisors won’t want to miss DAC Acuity 2020, October 28-30 in Niagara Falls. Early registration discounts end February 15.