Financial advisors are bracing for the fallout from an unprecedented taxation year and preparing for calls from clients who may be facing hefty tax bills or the prospect of an audit.
According to data from the federal government, the Canada Revenue Agency (CRA) processed 26.4-million individual tax returns as of May 10, with more than 6.4-million people owing a total of more than $32.6-billion, or an average of $5,062 each.
Original Article Source Credits: The Globe And Mail, https://www.theglobeandmail.com
Article Written By: KATHY KERR
Original Article Posted on: JUNE 8, 2021
Link to Original Article: https://www.theglobeandmail.com/investing/globe-advisor/advisor-news/article-dealing-with-the-effects-of-a-challenging-tax-year