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.

Tax planning is not inherently abusive; and taxpayers are entitled to organize their affairs in a way that will minimize their taxes, including family income splitting.

CFP professionals registered with FPSC can now earn 30 CE hours towards their certification with our Tax Strategies for Financial Advisors course.

As a new FPSC-approved program, here is an excerpt from Tax Strategies for Financial Advisors.

A gift (either in cash or in kind) from your employer is an employment benefit. However, non-cash gifts and non-cash awards to an employee for the year with a total aggregate value less than $500 is non-taxable. The total value in excess of $500 annually will be taxable.

Close to 150 professional tax and financial advisors from across Canada are now certified to prepare files to defend their clients in the case of audit as a result of successfully completing the Audit Defence Distinguished Advisor Workshop recently held in Winnipeg, Calgary, Vancouver, and Toronto.

10,000 boomers are turning age 65 every day in America, but are they ready to retire financially?