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CRA

Do you know the world is officially a global village?

on Tue, 08/01/2017 - 10:23

Effective July 1, 2017, Common Reporting Standard (CRS) was implemented in Canada under Part XIX of the Canadian Income Tax Act. CRS was developed by the Organization for Economic Co-operation and Development (OECD), with support of Canada and other G20 countries to combat global tax evasion and improve tax compliance. In another words, it is going to be harder and harder to try to avoid paying tax, no matter where you go in the world (except if you live in the third world countries).

What does that really means and what was changed?
All financial institutions are now required to collect and

What to do if you still haven't receive all your tax slips

on Tue, 03/15/2016 - 18:07

By now, you should have already received your T4/T4As, T3s and T5s, majority of us would have gotten your RRSP receipts for your 2015 RRSP contributions. Some of you, however, might still be waiting on their first 60 days RRSP contribution receipts. If that’s the case, this is the time you can start calling the financial institutions for them.

In most cases, all companies have till the end of February to issue any T4s/T4As to our employees or associates. Bear in mind, if you miss the deadline, CRA will penalize you, not to mention you might screw up your employees or associates’ tax filing.

Year End Financial Moves - 2015 edition

on Sat, 12/19/2015 - 01:00

Yes, I am doing this yearender at the last 2 weeks once again... I always thought we had gone through them before, we don't have to do this again, I am just so wrong on this...

Direct deposit request

We have talked about this last year but this is even more important this year as the CRA (as well as a whole list of Canadian governmental bodies) is going to stop sending cheques to us to cut cost from April 2016. Since it takes time for them to get things changed, do make the request to CRA before the tax season kicks in. If you don't, I am afraid, you won't get your tax refund anymore!

Tax reporting tips

on Thu, 03/27/2014 - 20:22
*Updated 4/5/2017
 
At this point, everybody is busy gathering all their T-slips for tax filing.
 
As mentioned before in this post before, other than waiting for your company to give you your T-slips, you can log into your Service Canada and see if you find anything there.
 
After all these years, I found most people are still not too sure what they are expecting to receive for their tax. I had received quite some inquiries from clients regarding their T-slips.
 
RRSP
- There are NO T-slips on RRSP accounts, do not expect any tax documents on RRSP accounts unless you make changes
-

One stop for your T-slips

on Sun, 03/24/2013 - 11:37

 

April, this is the "taxation month". Everyone is working to get the T-slips together. Have you had an experience that you know how you have been waiting on one more tax slip in order to do your taxes? How does it feel? 
 
Well, many people would like to file their income tax return as soon as they can, not just to beat the rush, but since most of us are being employed, we have usually a tax refund coming back, so we would like to have access to that money sooner than later.
 
So, you know there is one place you can access all your T4-slips, avoiding the wait altogether?

So, what happens to my OAS NOW??

on Fri, 06/01/2012 - 15:22

I was chatting with one of my clients who is now looking to retire in a few months (initially she thinks she would work for another 2 years more). So, I asked her to gather all her RRSP and group pension information, together with her CPP numbers so that we know exactly what to do and how to do the withdrawals after her retirement. 

 

She called CRA and asked for update information on her CPP (she did get her CPP Statement of Contributions, but she wants to see if there is any changes because of the budget… Readers who would like to know more details on their own CPP, please follow the

A way to get free money from the government...

on Sun, 05/13/2012 - 16:33

I was chatting with an inside wholesaler the other day and we were discussing whether or not a company needs to have a lot of products to offer. I responded that I really don't think all companies need to have a lot of different solutions as we as advisors deal with a lot of companies already. All the companies only need to make sure they focus what they do best and advisors will pick between products and solutions. 

We continued to chat on different things and we both found that there are only a few companies offer RDSP (Registered Disability Saving Plan), and among those, most of them are

How to resolve a surprised tax bill

on Tue, 09/06/2011 - 11:25

I finally decided I would put clients' cases on my blog, so that you (readers, if there is any) will have an idea how I work with my clients.

So... here is the first case:

Slightly after the new year, I received a call from a clinet who had been working with me for a good 2, 3 years, that he got audited by the CRA, and that he got a surprised tax bill of over $10K. He told me he immediately withdrew $5k from his RRSP and he was looking into getting a personal loan from a bank so that he can pay off the tax man immediately.

This is a very normal move to a lot of people, is that, they will