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.

Knowledge Bureau can help you realize your careers goals with a first class education, and until June 15 a very special financial incentive to help you build your credentials.

Get the inside story on how to preserve your wealth while enjoying your cross-border travels, hassle-free. Pick up your copy of Canadians & The IRS. Makes a great gift for friends, family, and clients.

Expand your expertise in the concepts of Real Wealth Management™ and provide holistic wealth management advisory services to your clients. Enrol in the newly updated Elements of Real Wealth Management today, the first in the MFA–Retirement Income Specialist™ Designation program.

Experience education differently at DAC! Think strategically with succession planning experts, economists, portfolio management specialists, tax and legal advisors, celebrities, and marketing experts November 9-12, 2014.

It’s important to file the new Form T1135 – Foreign Income Verification by July 31 this year. The Departments of Finance and CRA have been prolific in their steps to close down tax loopholes and this new form is a cornerstone of these activities. 

Due diligence was a big topic at the Audit Defence Bootcamp this past week, as the burden of proof in establishing a due diligence defence rests with any appellant to a CRA challenge.