Seniors Targeted? The Tax Audits Begin

The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.

The Sussexes and their quest for financial independence has been all over the global news.  Their dilemma is not that uncommon to many couples their age.  What does it take to embrace financial independence and why is that so critical in an individual’s true evolution into adulthood?  It’s a question many financial advisors may find themselves discussing with affluent families across Canada.

Canadians have trouble understanding a whole gambit of financial concepts like inflation, interest rates, credit reports, stocks, risk, debt and loans, according to the 2014 Canadian Financial Capability Survey*. In the most recent edition of survey, released November 26, 2019, there are emerging signs of financial stress for some Canadians, especially those who don’t have a budget or financial plan. This week, KBR starts a new series on financial basics to help.

Tax season 2020 will officially begin on February 24, when the CRA opens the gates for electronic filing. Unfortunately, some taxpayers will find themselves with an unwanted tax bill this tax season, whether through an unintentional miscalculation on their original return or because they are misrepresenting themselves on their claims. In either case, there can be expensive consequences. The Voluntary Disclosure Program can help. 

Did you resolve to make your professional development a priority in 2020? January’s not over yet and it’s not too late to start this year out on the right foot! We can help you meet your goals or train staff in your busy office, with a special offer that’s available only until January 31. Chart your pathway to valuable new credentials by taking any two online courses from Knowledge Bureau for only $995. It’s a savings of $395. Learn more:

Looking to get in front of a highly engaged audience of professionals from the tax, bookkeeping and financial services? Speak to us about collaborative partnership opportunities to help you move your brand boldly forward into the 2020s.  Knowledge Bureau is Canada’s leading choice for a multi-stakeholder approach to financial education, and we hope you’ll join us for these outstanding events:

Join us in celebrating our newest graduating class in the RWM™ and the first MFA-P™ designation program. Knowledge Bureau is so proud of your achievements and we look forward following your continued professional successes into the 2020’s.