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.

A guest column by Dr. Michael Graham, Ph.D.  whose career has spanned 50 years, leading research and investment strategy at Wood Gundy, Dominion Securities Ames/Pitfield, Merrill Lynch Canada, Midland Walwyn, and now his own investment counselling firm Michael Graham Investment Services Inc. through which he writes about Canada’s potential as an exceptional worldwide place for investment.

If you receive a T4 slip you forgot about after you have filed your tax return, don’t file another return. Just send in a copy of the slip with a T1 Adjustment Request from (T1ADJ).

Despite the busyness of tax season, Knowledge Bureau Newsbooks took some time to celebrate Evelyn Jacks' bestselling 49th and 50th books with the home crowd in Winnipeg!

Tax mistakes? Brush your team up with the Personal Tax Refresher Workbook for 2012 returns. This 236-page Personal Tax Refresher workbook is a powerful resource, providing you with everything you need to know about what's new for the upcoming tax season and is an invaluable line-by-line guide. Order by Mar. 18 and receive $100 off!

The technical side of payroll, if done incorrectly, can cost the employer or the employee money, and incur penalties with the Canada Revenue Agency. Become a more astute compliance manager to ensure payroll is more than simply accurate.

Quickly determine your client's current tax picture with this powerful calculator so that you can structure future income sources with tax efficiency. Test it out with our FREE trial!