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:Build Your Business. Train Your Staff. Attract New Customers.
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Employment Insurance Should Not Be Subject to Clawback
Of the 216 votes in our June 2014, 65% of KBR voters strongly voiced their opinion in our against employment insurance being subject to a clawback on the tax return.
Seniors Get a Raise
Old Age Security and the Guaranteed Income Supplement are indexed quarterly based on changes to the consumer price index. As of July 2014, the amounts are increased by 1.28%.
No Discrimination in Paying Child Support
The Tax Court of Canada (TCC) recently dismissed an appeal from a taxpayer who asserted that an Order from the Ontario Superior Court of Justice obligating him to pay child support and the application of subsection 118(5) of the Income Tax Act (the Act) infringed his rights under section 15 of the Canadian Charter of Rights and Freedoms (the Charter).
Evelyn Jacks: Business Owners Face CRA Scrutiny
CRA is acting to shore up compliance for small business owners – both tax practitioners and their clients will be engaged in a “Get it Right the First Time” initiative which includes office visits by CRA.
Understanding Trusts
Over the summer, Knowledge Bureau will be taking an in depth look at the use of trusts in family wealth planning. An introduction to the topic begins the series.
