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Canada Reminds Tax Professionals Of Changes

by Mike Godfrey, Tax-News.com, Washington

18 December 2013


The Canada Revenue Agency (CRA) has urged tax professionals and preparers to remember the changes that will affect them this filing season.

The CRA says that it is committed to providing these groups with online services that are easy to use and cost-effective. Tax preparers who work on more than 10 returns are now required to file them electronically. A series of income tax technical publications (the so-called income tax folios) have been made available. Over time, the folios will replace the CRA's existing interpretation bulletin system.

In October, the Income Tax Rulings Directive (ITRD) launched a one-year pilot project that allows applicants to discuss with ITRD professionals any unique, new technical issue that is critical to securing seriously proposed transactions in advance of a submission. Preparers can also use the CRA's "Represent a Client" service to submit documents in response to letters from the Department's processing and corporate assessing review programs. Documents can be sent electronically.

Individual taxpayers can expect changes, too. The CRA has flagged up the new or improved tax relief measures and services available for the 2013 financial year. They include a first-time charitable donor's credit, increases to the family caregiver and tax-free savings account amounts, and a pooled registered pension plan.

TAGS: tax | tax incentives | revenue guidance | tax credits | tax authority | professionals | tax planning | Canada | tax breaks | revenue statistics | services

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