Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

It’s financial literacy month and Canadians need help with debt management-badly.  Over half (52 per cent) of Canadians are only $200 away from insolvency according to a poll of 1,500 Canadians by insolvency consultancy MNP this spring.  It’s a highly valued service that tax and financial advisors can offer.

With the recently proposed tax reforms, more doors continue to close on opportunities for income-splitting between spouses. However, there is still one key strategy—the inter-spousal loan—that can minimize tax where one person in the couple earns significantly more than the other.

Last week, the 14th Distinguished Advisor Conference (DAC) took place in beautiful Kelowna. Please help us thank and acknowledge the incredible sponsors that helped bring this event to fruition, and the many Knowledge Bureau graduates who have offered their ongoing support - check out all the incredible speakers, networking and fun in the photo gallery!

The tax proposals introduced on July 18, 2017, are complex and continue to evolve, promising some mind-numbing complexing for business clients. Tax and financial advisors need to gain a thorough understanding of the intricacies of these proposals in order to reduce the impact on their clients. The November CE Summits will address this need, in a focused session featuring family business tax expert Larry Frostiak. Note - Registration ends today, November 15.

This week brought more controversial tax news to Canadians: the Paradise Papers and a new tax “consultation”; this time in advance of the 2018 Federal budget.   The elephant in the room in both these stories is the unfinished “consultation” on the massive tax changes proposed for private businesses.

The Distinguished Advisor Conference was an outstanding success with all of the speakers delivering thought leadership with passion and conviction to the theme:  Financial Advice at the Crossroads of Change.