11 Jun Marking a Successful Personal Tax Season
With April 30 behind us and June well under way, the tax season is almost over. The partners and staff at Clearline would like to thank all of our clients for your cooperation and patience through another stressful but highly successful personal tax season.
Clearline prepared and filed approximately 1,200 personal tax returns this year and we exceeded our own goals for getting these done as quickly as possible. This was largely thanks to our focused personal tax group that was based in our Burnaby office. This group, led by Jeff Block, did an amazing job in getting through all of these returns.
No process is perfect and as in any tax season, small things get missed here and there. There is always room for improvement and we are a firm that always strives for better. We will reflect on the results of this year’s tax season and determine better and more efficient ways to provide you with professional advice and timely service. If you have any suggestions for how we can make the personal tax process work better for you, please contact us and let us know.
In this, our spring 2019 newsletter we have prepared some useful information that we hope you enjoy and can take something from. In this edition, you will find:
1. An article from our tax group on using family trusts as an effective device to enable better succession planning. This article also discusses the effect of the new rules on dividend streaming and income splitting. If you are thinking about how you might transition your business to your children or just protect the value of your business for them, these insights should be helpful.
2. We also have an article on how maintaining better financial information can provide you with more relevant and reliable information. We often find businesses are record keeping rather than maintaining proper accounting data from which to base important decisions. In this piece we discuss how moving closer to accounting on an accrual basis can provide you with the vital information you need to better run your business. This article should be beneficial for any owner, manager, controller or bookkeeper of any small business.
3. As of June 1, 2019 Charities will be able to electronically file their T3010 Registered Charity Returns with Canada Revenue Agency (CRA). Our assurance group has put together this resource to help your charity sign up for a ‘My Business Account’ with the CRA. If you work for a charity or sit on a Board of Directors, this should be of use to you.
We hope you enjoy this newsletter. If you have any requests for topics for future newsletters please let us know.