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:

Have you gone paperless?  Innovations in technology and a focus on process improvements have paved the way to making “paperless” a reality for those businesses interested in improving efficiencies.

Dynamic Elise Pulver, LLB, will address significant and unexpected changes to the Estate and Administration Tax Act, at the Distinguished Advisor Workshop, June 22 in Toronto.   

Last week, Federal Finance Minister Joe Oliver announced in the House of Commons that the government is open to allowing Canadians to make additional voluntary contributions to their CPP in order in increase their CPP savings.

Parents with children under age 18 living at home will be receiving a lump sum of $420 per child with their July Child Tax Benefit payment. This lump sum represents the additional $60 per month per child payable as of January 2015.

CRA has applied a net-worth assessment against your client, who now comes to you for help . . . and they are emotional and scared. What do you do first?

The most recent economic data is indeed atrocious, as Bank of Canada Governor Stephen Poloz predicted in England late last year.