The CRA TSlip Saga: An Update

This tax season has been particularly challenging for both taxpayers and tax professionals. The Canada Revenue Agency (CRA) provides tax information slips—such as T3, T4, T5, and their variations—through secure online portals: My Account and Represent a Client (RAC). This year, there were lots of problems with these portals, and now, it appears, CRA is not being quite transparent about when the slips were actually visible to clients and that doesn’t seem fair. Here’s an update on where we stand now.

A recent study shows that millennials care more about others than any other generation in recent history. But, the data also identifies an important gap: 49 percent don’t have a will at all, and only 31 percent have a will that’s up-to-date. Without proper estate planning, their assets may never end up in the hands of the organizations millennials want to invest in to make a difference.

Many Canadian snowbirds have already headed south for the winter, and recent retirees making this a part of their lifestyle for the first time should be diligent in understanding the tax rules that affect them before year-end.

The role advisors can play in helping new immigrants, and the importance of immigration and diversity in Canadian society, were central themes at DAC last week. Now, with a timely release, Statistics Canada has published new data on the important impact education has on immigration, pointing to valuable opportunities for new Canadians in the tax and financial services.

New data shows that tracking gender pay gaps is not a priority for Canadian businesses, despite government efforts to bring the issue to the forefront.

The Distinguished Advisor Conference (DAC) was the best yet in its 15-year history, held in Quebec City last week. Not only were the educational sessions delivered by Canada’s top thought leaders in tax and wealth planning issues; the networking was outstanding. Check out our picture gallery (coming soon!) and this glimpse of comments from those who were there:

Year-end can be a particularly difficult time for those who have lost a loved one during the year. But it’s important to see a tax specialist when someone in the family dies, to file any tax returns that may be outstanding on time, adjust prior-filed returns, and to claim specific tax benefits that can help to pay for end-of-life costs.