This month, we will be focusing most of our blogs on Estate Planning. In partnership with Keith Durling, Veteran Financial Advisor and 2-time President’s Cup Team Member with Investors Group Financial Services Inc., we will share with you what you need to know about Estate Planning. For starters, let’s take a look at what Estate Planning is. Estate planning is the process by which an individual plans to pass on his or her wealth, including investments and life insurance, upon death to a chosen person (investorsgroup.com). The main goals of estate planning are as follows:- To preserve / enhance / maximize...
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The CRA has recently announced that it is publishing a series of studies on Canada’s tax gap. Tax gap is the term used to describe the difference between the government’s potential tax revenue and the actual taxes collected.To examine the different parts of the gap, the CRA conducted four studies: 1. A conceptual study on tax gap estimation (June 2016)2. An estimate of the tax gap for GST/HST (June 2016)3. A report on domestic personal income tax compliance in Canada (June 2017)4. International Tax Gap and Compliance Results for the Federal Personal Income Tax System (July 2018)The fourth study, the latest...
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The Canadian Government through the Department of Finance recently released a draft technical changes to the Goods and Services Tax / Harmonized Sales Tax (GST/HST) rules for sales of carbon emission allowances, such as those traded in cap and trade systems. Effective as of June 27th, 2018, the purchaser of carbon emission allowances is responsible for self-assessing the tax amount when the GST/HST is payable on such a sale. This change replaces the previous requirement where the seller of the allowance collected the tax from the purchaser and remitted it to the CRA. The Department of Finance notes that this rule...
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On our last blog, we shared a bit of background on the Auditor General’s report stating that the CRA’s call centres did not provide taxpayers with timely access to call centre agents as well as some of the steps taken by the CRA to respond to this report. On this blog, we’ll take a look at the other measures that the CRA has implemented in order to improve the call centre’s service and accessibility. With previous investments from Budget 2016, the CRA has hired more agents to improve its telephone service and accessibility. Last year, the CRA had an average of...
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