Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

As we all know, “you can’t take it with you” so sooner or later, everyone has to transfer their assets to someone else.

­Changes to Personal Service Businesses were amongst those enacted in Bill C-48. They will be discussed in more detail in Knowledge Bureau’s November Corporate Tax & Year-End Planning Bootcamp. However, key changes are described below. 

Fall is a great time for year-end tax planning and this year, strategic philanthropy in the family has taken on new meaning in light of the new temporary First-Time Donor’s Super Credit for first time donors.

The current prescribed rate is likely to increase on October 1, 2013. This guest column, provided to you by Frostiak & Leslie Chartered Accountants, Inc., a member of the Tax Specialist Group (TSG), offers some tips on how to benefit from the prescribed rate before it changes.

Spending money can be hard work; after all, there are a lot of demands for it and its supply is usually short. Therefore, careful consumers have to manage risks to their disposable income and choose the absolute right supplier for their needs and wants.

It’s back to school time and as every parent knows, arts and athletics are expensive activities for children to partake in at this time of the year.