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Canada and the United States are working toward improved cross-border tax compliance.
The Crown has appealed a recent Tax Court of Canada (TCC) decision that ruled penalties were criminal in nature, not civil. If the ruling is upheld, advisors will come under increased scrutiny.
If you are disputing a re-assessment of your income tax filing with the Canada Revenue Agency (CRA), failing to choose the appropriate appeal procedure can prove very costly.
Look for slower growth in gross domestic product (GDP) in 2013 before it picks up again in 2014, say private-sector forecasters.
For 2013, the maximum pensionable earnings under the Canada Pension Plan (CPP) will be $51,100, up $1,000 from $50,100 in 2012.