Time’s Up: CRA’s 100 Day Mandate for Improvement

After years of frustration on the part of tax professionals and taxpayers alike, the Finance Minister ordered the Canada Revenue Agency to clean up its act in 100 days. Specifically, the improvement plan was to run from September 2 through December 11. Finance Minister and Minister of National Revenue, Francoise-Phillippe Champagne instructed CRA to fix “unacceptable wait times and service delays.” Time’s up this week and CRA has released an update on progress. What gets measured, gets done. Let’s see what CRA’s metrics show. 

Ensure your payroll is more than just accurate – make sure it is compliant. Knowledge Bureau’s Advanced Payroll course will qualify you as a certified payroll clerk – enabling you to complete a payroll of advanced level of complexity and help you fully understand the consequences of non-compliance.

Investing on a pre-tax, tax deferred basis is powerful. See at a glance how your savings will accumulate over time with the Registered vs Non-Registered Savings Calculator.

Join us November 9-12 in beautiful Horseshoe Bay, Texas for our 11th annual Distinguished Advisor Conference. It will undoubtedly have you thinking BIG for the future. Receive best rates on pre-registration when you reserve your spot by February 15.

The Canada Revenue Agency (CRA) has released a new information package pertaining to the Home Buyer’s Plan and has included the required Form T1036.

Every six weeks the Bank of Canada announces its interest rate policy. Last week, the Bank of Canada maintained the benchmark interest rate at one percent, signaling the continuation of the longest span of inactivity on the issue ever.  

Traditionally, if a business venture was a fraud from beginning to end, the courts have held it is not possible for a business to exist and therefore can be no source of income from which expenses could be deducted for tax purposes.