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:

In Roszco v. The Queen (2014) TCC 59, a recently released decision from the Tax Court of Canada, the issue at hand was whether interest generated from fraudulent schemes was taxable within the meaning of section 12(1)(c) of the Income Tax Act (the Act).

Are you wealthy? What’s your definition? One way to think about it is to consider: what does it take to achieve peace of mind – to be free of financial worry? Would you be truly wealthy then?

Joan McIvor earned her MFA-Retirement Income Specialist designation with honours in 2012 and has used the knowledge gained from the MFA program to enhance her business. We are pleased to have Joan as one of our distinguished grads.

T2 filers must complete Schedule 88, effective with year-ends beginning 2013. This form is more detailed that the new “Internet Business Activities” added to schedule T2125 of the T1 return however, in both cases the information is to be filed with the tax return.

If you participate in an abusive charitable donations tax shelter, you’re opening yourself up to a sure audit.

Catherine Bell, author of Empower Your Presence, recently spoke at the Ad & Sales Club in Brockville, ON about the importance of the ABCs of professionalism. What are the ABCs?