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5 BULLET FRIDAYS - Tax Mechanic News, Tips, Strategies
Tax Mechanic
September 13, 2024
Bite-size tax and finance-related information that could save you $$$
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New Members Appointed to the Independent Advisory Board on Eligibility for Journalism Tax Measures
From: Canada Revenue Agency
News Release - September 4, 2024
The Government of Canada is pleased to announce the appointment of distinguished new members to the Independent Advisory Board on Eligibility for Journalism Tax Measures (Advisory Board). The Honourable Marie-Claude Bibeau, Minister of National Revenue, extends a warm welcome to the new appointees.
New Appointments
Effective June 21, 2024:
Brenda O’Farrell – Saint-Lazare, Quebec
Michael Eric Cooke – Toronto, Ontario
Effective September 25, 2024:
Ravindra N. Mohabeer – Toronto, Ontario
Margo Marian Goodhand – Victoria, British Columbia (current member – upcoming Vice-Chairperson)
Appointment Process
Advisory Board members are appointed by the Governor in Council – the Governor General acting on the advice of Cabinet. This appointment process is characterized by its openness, transparency, and merit-based approach, ensuring the selection of highly qualified candidates who embody the diversity of Canada.
Mandate of the Advisory Board
The Advisory Board operates as an independent entity with the following mandates:
Independent Assessment: Provide an independent evaluation and non-binding recommendation to the Minister of National Revenue regarding the eligibility of organizations applying for designation as a qualified Canadian journalism organization (QCJO) under the Income Tax Act.
Advisory Role: Offer guidance on any journalism tax measure matters referred to the Advisory Board by the Minister.
In Conversation with Elon Musk | All-In Summit 2024
On September 10, 2024, the All-In Podcast hosted a compelling discussion with Elon Musk, covering a range of critical topics relevant to technology and society. Below is a detailed summary of the key points addressed:
The Battle of Free Speech: Elon Musk underscored the paramount importance of free speech and the global challenges it currently faces. He noted that the suppression of speech is frequently employed by those advancing false narratives.
Potential Government Efficiency Agency : Musk proposed the establishment of an agency aimed at enhancing government efficiency, likening the current system to the DMV but on a larger scale.
SpaceX Updates and Regulatory Challenges :The discussion included significant updates on SpaceX’s progress, particularly the readiness of Starship for flight, and the obstacles posed by regulatory approvals.
Thoughts on Boeing’s Corporate Culture : The innovative and agile approach adopted by SpaceX.
The 80/20 AI Future : The conversation explored the future of artificial intelligence, with Musk discussing the rapid pace of AI development and its potential economic impacts.
Unaired SNL Skits : In a lighter segment, Elon Musk and Jason Calacanis shared some unaired skits from Saturday Night Live, providing a humorous conclusion to the session.
This episode offered a comprehensive overview of Elon Musk’s perspectives on pressing issues and future innovations. It combined serious discourse with lighter moments, reflecting the multifaceted nature of Musk’s vision and personality.
Maximize the Potential of Your Corporation’s Tax Losses
Are you aware that tax losses can be a hidden asset for your corporation? In Canada, these losses can be strategically valuable. If your corporation is currently facing tax losses, it might hold more value than you realize.
Turn Tax Losses into Financial Gains:
Strategies to Utilize Your Corporation’s Tax Losses
Consider these options to benefit:
Sell Your Corporation: Corporations with tax losses can be attractive to other entities looking to offset their taxable income.
Acquire a Corporation with Tax Losses: If you aim to reduce your taxable income, purchasing a corporation with tax losses can be a wise decision.
Get in touch with us today to explore how you can leverage tax losses to your advantage. Schedule a consultation to discuss your options. If you’re interested in buying a corporation with tax losses, contact us for more details.
CRA watchdog flooded with complaints from Canadians still being pursued after repaying CERB
CRA’s Complaints Backlog: A Growing Concern
The CRA has been facing a substantial backlog of taxpayer complaints, a situation that has drawn considerable attention and concern. According to the latest report from the Taxpayers’ Ombudsperson, the backlog has reached unprecedented levels, causing delays and frustration among taxpayers seeking resolutions.
Key Findings from the Ombudsperson’s Report
Volume of Complaints: The report highlights a significant increase in the number of complaints filed by taxpayers, reflecting widespread dissatisfaction with the CRA’s services.
Response Delays: Many complaints have been pending for extended periods, exacerbating taxpayers’ frustrations and undermining trust in the agency.
Recommendations for Improvement: The Ombudsperson has put forth several recommendations aimed at streamlining the complaints process and enhancing the CRA’s responsiveness.
CRA’s Response and Future Actions
In response to the Ombudsperson’s findings, the CRA has acknowledged the issues and committed to implementing measures to address the backlog. These measures include increasing staffing levels, improving internal processes, and leveraging technology to expedite complaint resolutions.
What This Means for Taxpayers
For taxpayers, these developments are a step towards more efficient and timely resolutions of their complaints. The CRA’s commitment to improving its services is a positive sign, but it will require ongoing monitoring and accountability to ensure that the promised changes are effectively implemented.
Stay Informed
We will continue to monitor this situation and provide updates as new information becomes available. Your trust and satisfaction are our top priorities, and we are dedicated to keeping you informed about issues that impact you.
Source: CBC News - CRA Taxpayers’ Ombudsperson Report
Do you owe more than 100K to the CRA?
Expert Insight by Fraser Simpson:
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And that, my friends, is it for this Friday. Have a safe and fun-filled weekend! If tax problems weigh you down, all it takes is a call to start fixing them.