For dealers, preparing for compliance will include reviewing agreements with fund managers
Firms weigh in on what CRA’s new stance on trailing commissions means for dealers, advisors and fund managers
Proposals are out for consultation until Sept. 12
Projected fiscal impact may be overstated, likely targets may miss the mark
In the case of error codes, the CRA said it will provide interest and penalty relief if the problem isn't resolved by the tax-filing deadline
Non-compliance results in denial of expense deductions, raising taxable income
CRA has identified more than 2,500 groups that belong to the GHW population
If proposals pass, CRA can impose harsh new penalties and compel taxpayer testimony under oath
Administrative changes are welcome in an area fraught with uncertainty
Actions may include taking payments from wages or bank accounts