Income tax – Advisor's Edge https://phoenix.advisor.ca The best news source for Canadian financial advisors. Investments, financial markets, insurance, practice management, tax and estate planning Tue, 19 Sep 2023 21:34:55 +0000 en-CA hourly 1 https://wordpress.org/?v=5.9.3 https://phoenix.advisor.ca/wp-content/uploads/sites/5/2018/05/cropped-advisor-ico-32x32.png Income tax – Advisor's Edge https://phoenix.advisor.ca 32 32 New alternative minimum tax regime to raise $2.6B: PBO https://phoenix.advisor.ca/tax/tax-news/new-alternative-minimum-tax-regime-to-raise-2-6b-pbo/ Fri, 08 Sep 2023 20:13:09 +0000 https://www.advisor.ca/?p=230578 Canadians making above $300,000 to contribute 98% of total AMT

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IRS plans crackdown on 1,600 millionaires to collect back taxes https://phoenix.advisor.ca/tax/tax-news/irs-plans-crackdown-on-1600-millionaires-to-collect-back-taxes/ Fri, 08 Sep 2023 15:56:48 +0000 https://www.advisor.ca/?p=230549 Artificial intelligence is playing a big role in identifying wealthy tax dodgers

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CRA extends deadlines for taxpayers affected by wildfires https://phoenix.advisor.ca/news/industry-news/cra-extends-deadlines-for-taxpayers-affected-by-wildfires/ Fri, 01 Sep 2023 14:00:15 +0000 https://www.advisor.ca/?p=230336 Relief of penalties and interest may also be available to affected people and businesses

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Why high earners and business owners may not have fully funded pensions https://phoenix.advisor.ca/tax/tax-news/why-high-earners-and-business-owners-may-not-have-fully-funded-pensions/ Fri, 25 Aug 2023 20:54:57 +0000 https://www.advisor.ca/?p=230055 Current regulations are outdated and artificially cap contributions

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CRA removes guidance flagged by Taxpayers’ Ombudsperson https://phoenix.advisor.ca/news/industry-news/cra-removes-guidance-flagged-by-taxpayers-ombudsperson/ Fri, 14 Jul 2023 16:32:57 +0000 https://www.advisor.ca/?p=228654 Agency had been directing taxpayers to contact a CRA official before speaking with their tax advisor

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IRS collects $38 million from more than 175 high income tax delinquents https://phoenix.advisor.ca/news/economic/irs-collects-38-million-from-more-than-175-high-income-tax-delinquents/ Fri, 14 Jul 2023 15:23:56 +0000 https://www.advisor.ca/?p=228644 Agency appears to be making a case for sustained funding as it tries to avert budget cuts

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CRA launches new digital form for DTC applications https://phoenix.advisor.ca/news/industry-news/cra-launches-new-digital-form-for-dtc-applications/ Wed, 14 Jun 2023 21:00:40 +0000 https://www.advisor.ca/?p=226743 Digital disability tax credit application is intended to simplify the process

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Taxation of employee stock options https://phoenix.advisor.ca/tax/estate-planning/taxation-of-employee-stock-options/ Tue, 06 Jun 2023 19:00:54 +0000 https://www.advisor.ca/?p=226389 Help your client consider tax-preferential treatment, donation of shares and AMT

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CRA announces prescribed rate for Q3 https://phoenix.advisor.ca/news/industry-news/cra-announces-prescribed-rate-for-q3/ Wed, 31 May 2023 17:06:13 +0000 https://www.advisor.ca/?p=226139 After rising for four consecutive quarters, interest rate charged on overdue tax to stand steady

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T1135 reporting: What your clients need to know https://phoenix.advisor.ca/tax/tax-strategies/t1135-reporting-what-your-clients-need-to-know/ Fri, 05 May 2023 17:15:30 +0000 https://www.advisor.ca/?p=225129 Failure to report foreign-source income can result in high penalties

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