Late Filing Penalties: Talk About It!
While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:Planning Required: Retirement Savings Shortfall is Enormous
The World Economic Forum predicts that a dramatic retirement savings shortfall could hurt citizens in several of the top western nations, including the UK and Canada.(1) They suggest that the gap could be as big as US$428 trillion by 2050.
Will you thrive in this great era of disruption? Attend DAC’17 to find out how
Imagine being part of a 3-day think tank devoted to sharing strategies on how to best navigate this challenging, yet exciting era in the tax and financial services. That is the primary reason why our DAC delegates attend the conference year after year.
People in the News
Rick Tomalty: I'm having more meaningful conversations with my clients thanks to Knowledge Bureau
Weigh In: Big Changes to CRA’s Voluntary Disclosures Program
Big changes are coming to CRA’s Voluntary Disclosures Program (VDP) this fall. The proposals on the table will see the program evolve from an opportunity for taxpayers to correct errors and omissions, to an opportunity for government to use the program to generate revenues at a modest cost.
Separation and Divorce Have Tax Consequences
Mid life crisis? According to Statistics Canada, there are about 71,000 divorces in Canada each year. In fact, over 40% of marriages will end up in divorce, and it can be very expensive - before and after tax!
Working with Older Clients? You’ll Want to Understand the Use of Trusts
Recent tax changes require forethought in planning for high-income earners, and in the preparation of final returns for deceased single taxpayers.
