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Are you aware of CRA’s new refund “verification” questionnaires? These have far-reaching queries about business and rental activities, as well as the submission of personal information – everything from utility bills and insurance policies, bank statements and credit to verify residency and daily living expenses at each location. Taxfilers and their advisors need to become familiar with them now. Why? Because it’s going to take a long time to get them done when CRA comes calling! Here’s what you need to know:
Two CEOs from our Platinum Partner organizations will take the stage at DAC Acuity, November 13 in beautiful Banff to tackle critical skills required to embrace. They both happen to be Tony’s, too: Tony Demarin, CEO of BCV Asset Management will bring his thought leadership to the topic The Reset: Portfolio Construction at Ground Zero. Tony Mahabir, CEO of CANFIN Financial will discuss Financial Stewardship in a Digital Age.
According to the CRA’s 2023 tax filing statistics to August 27, nearly 31 million Canadians have filed a tax return, and for those that owe the average balance sits just shy of $7,500! This points to a high demand for the specialized services of qualified tax professionals who can help taxfilers pay only the correct amount of tax and get all their tax benefits, too.
CRA typically moves into a “post-payment” verification mode after tax season and this year they are well armed with new data collected electronically from 93% of all tax filers and new funding, too. That means tax and financial advisors can expect to hear from clients for audit assistance and/or direction on the most appropriate savings account to tap to repay their refunds or benefits – all adding to the inflationary pain Canadians may already be feeling. Here are the tax filing stats to August 27, 2023 and an insight into the audit plans that are coming.
CRA recently paid over $122,000 for a report, Underground Economy In Today’s Post-Pandemic Environment. Curiously, as part of its research, it wanted to find out if accountants would identify small business owners who do not pay their taxes, according to news reports. Upon reviewing the CRA’s 2023-2024 departmental plan in preparation for the September 20 CE Summit on Audit Defence, it begs the question: why would CRA want to erode trust amongst stakeholders, when overall participation in the tax filing requirement is so high? Check it out: