Blog

What in the World are Income Tax Folios

As a Canada tax payer at some point in time we have all seen those nifty little bulletins that are available concerning the Canada Tax system. They were designed to help us understand the tax laws that we are subjected to.
 
The problem is that many people who have no real understanding of financial accounting found them to be of no real value to them at all. The CRA has really put every effort possible into making tax filing an easy task, but the problem is there are so many individual tax areas that we have to be concerned about even for the average everyday tax payer that it still becomes overwhelming for most.
 
Fortunately in Toronto we have great tax accountants that are willing to take on clients who have only the very basics of tax returns to be filed right up to the more difficult and complex ones.
Now the CRA has come out with a new form of help called the income tax folios. These are supposed to serve two purposes. One is which to extend your knowledge that you would get from the standard type income tax interpretation bulletins by updating the information pertaining to them. The second purpose is to have them function better as a resource for the web.
 
Actually the plan for the future is to totally eliminate the tax interpretation bulletins and ITTNs. So is this going to make any easier for the Canada tax payer? One of the concerns is the reference to these being comprised of technical content. As soon as people hear the word technical it sort of raises a red flag.
 
One thing you can be sure of is that your Toronto Accountant will be up to date with this new information type format because that is their job. It is their responsibility as your tax accountant to ensure that they are preparing your taxes based on the information you provide them with in conjunction with each and every Canada tax law that is applicable to your circumstance.
 
If you are a little curious about this Income tax folios, they are organized into 7 series. So at least if you want to refer to them you will be able to narrow down your choice to what is pertinent to you. For example Series 1 is for individuals, and Series 2 is for Employers and employees.
 
Now it goes even further than that. Once you are into a series it is then broken down even further. For example, series 1 for individuals is broke down into folio 1 Health and Medical, Folio 2 Students, and so on.

It is not expected to have all of the tax folios fully completed for at least a few years. So are you as a taxpayer going to get caught up in a maze of tax help during the transition period? No need to worry if you use our services here at Toronto Accountant. Give us a call at 416-398-1700, or fill in our contact form and let us use our expertise, many years of experience, and interpretation of these tax folios to fully benefit you.

 

Comments are closed

Contact

Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

Contact Sam today

The information provided here and throughout the site of TorontoAccountant.CA is intended for general tax information only, and should not be misconstrued as a legal source of information regarding your tax situation, or be used for any other purposes other than for general information.
Sam Seidman, Chartered Accountant - Copyright ©2013. All Rights Reserved.