Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

Lots of people like to dabble in real estate when markets are hot. The issue for tax filing purposes is whether you held the property for personal use, as a passive investment or whether you are in fact in the business of buying and selling real estate.

Capital losses are important. They can offset capital gains of the year, the prior three years or any future year.

Know More. Make More: Tax and Bookkeeping practitioners, expand your services to business owners and increase your revenues. Enrol in the prestigious MFA™-Business Services Specialist Designation by June 15 and attend DAW as our guest.

Consumers need—more than ever—a proven path to follow. Managing the Bull clears away the speed bumps to help financial advisors from all professions develop a deeper and more meaningful relationship with their clients. Give it as a gift – it will help make your clients better consumers of the advice and service you provide.

Expand your career by honing your bookkeeping skills and understand the development of a complete set of books for a variety of business types. Enrol in Advanced Bookkeeping for Multiple Businesses – an excellent training solution for your staff.

Reserve your spot now for the September Retirement and Estate Planning Bootcamp. This must-attend event will provide you with the best tools to preserve, grow, and transition wealth tax-efficiently for your clients and to the next generation.