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:

A new version of form RC343 has been released by the CRA to calculate TFSA contribution room for 2015, taking into account the new 2015 contribution limit of $10,000.

The Canadian Income Survey for 2013 was released by Statistics Canada on July 8.  While things are virtually unchanged from 2012, some interesting facts emerge about the income levels earned by Canadian families.

With real estate prices soaring in the US and the Canadian dollar falling in value against the greenback, Canadians who invested in a vacation property in the US may be tempted to sell their US cottage and purchase a Canadian cottage instead. 

The technical side of payroll, if done incorrectly, can cost the employer or the employee money, not to mention incurring penalties with the Canada Revenue Agency.

The Underground Economy (UE) is a significant global problem that causes economic erosion for all participants in the financial eco-system. However, it also presents an opportunity for professional tax and financial advisors to rise to the occasion in educating their clients on the issue.

Look for Catherine Bell under the big sombrero. The featured guest speaker at this year’s Distinguished Advisor Conference (DAC)  and author of the bestselling book, Empower Your Presence, is an expert on workplace protocol, etiquette, and professional image management, who understands the complexities of doing business in today’s competitive marketplace.