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. 

It’s Financial Literacy month! Help your clients assess risk and return as a more effective financial educator. The goal is better joint decision-making in managing family wealth. Learn conveniently online and qualify for 30 CE/CPD credits before year end. Enrol in Financial Literacy: Assessing Risk and Return by November 13 and save $200 on tax deductible tuition fees.

Financial Literacy month at Knowledge Bureau includes tools to map out your financial future with the Financial Assessment Calculator. Take a free trial!

According to the Bank of Canada’s Monetary Policy Report released this month, the Canadian economy is expected to grow by a lackluster 1.6% in 2013, 2.3% in 2014, and 2.6% in 2015, and to reach full production capacity around the end of 2015. 

CRA has just issued a revision to Form T1198 Statement of Qualifying Retroactive Lump-Sum Payments, which is completed by the payer of qualifying amounts.  

Residents of Canada must file tax returns to report world income in Canadian funds. That means taxpayers will need to gather documentation to report offshore earnings — and new for 2013, more specific information about income earned by offshore assets with a cost of $100,000 or more.

Retirement planning may begin for you–quite unexpectedly–with the receipt of a retiring allowance or severance package from your employer.