CRA Steps Up the Fight
Canadian tax lawyers are noticing changes in the Canada Revenue Agency, which has become significantly more aggressive in how it pursues tax revenue. There has been a shift to increased auditing, and tax reforms to give the CRA more tools and resources to combat tax cheating. This has led to tax lawyers moving from a […]
Read MoreCanadian companies failed to pay billions of taxes owed, new CRA report reveals
Newly released data from the Canada Revenue Agency shows corporate business failed to pay about ten billion dollars of the 2014 taxes they owed. Experts are referring to this as the tax gap, which is the difference between taxes that were due and taxes that actually were paid to the CRA. To put this problem […]
Read MoreIf you disagree with the CRA’s assessment of your tax return, make sure you file a notice of objection
Tax day has come and gone for Canadians, and unless you disagree with your assessment, you can leave that tax year behind. However, for those who disagree with the Canada Revenue Agency (CRA)’s assessment, then it’s important to know the deadlines for filing an objection. The first deadline is for a Notice of Objection (T400A). […]
Read MoreTFSAs have been a disappointment in getting Canadians to save more – The Globe and Mail
Canadians saving money for retirement can choose from two tax-free investment account options: a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). Recently, a study found that TFSAs may not be helping Canadians meet their savings goals. One issue is that Canadians seem to be taking money from retirement savings accounts to […]
Read MoreRetirees worldwide may run out of money 10 years before they die, report shows
The big fear for many when it comes to retirement – namely running out of money to sustain you when you’re no longer working – is predicted to be true for an increasing number of retirees. New economic research conducted across the world, from Asia to Europe, North America to Australia, shows funds in retirement […]
Read MoreWhy the 17% drop-out rule is key to your CPP entitlement
Many Canadians depend on the Canadian Pension Plan as a source of income during retirement. However, there is often confusion around the 17 percent drop-out rule. Basically, this rule excludes 17 percent of months when you earned the least amount, which means the calculation of your monthly benefits will increase when these lower-income months are […]
Read MoreEverything you need to know about the government’s new stock option taxation rules
Proposed rules seek to limit the preferential tax treatment enjoyed by employees receiving stock options. Currently, while these options are essentially income, they are treated like capital gains. In Canada, the capital gains tax is lower than the income tax of most high-income earners. The proposed rules seek to set a cap on the amount […]
Read MoreLiberals’ mortgage help for first-time buyers lands Sept. 2
The Liberals’ mortgage help program is intended to help first-time home buyers in Canada. The new program will launch at the end of summer, on Labor Day. It will help pay up to 5 percent of a mortgage for an existing home for any mortgage up $480,000 – provided the buyers are purchasing their first […]
Read MoreTaxes and the sharing economy: what you need to know
Many Canadians participate in the sharing economy, and income can be earned in a variety of ways. From accommodation sharing (aka home rentals) to ride sharing to making and selling goods or providing a service, all these activities fall as the sharing economy. Regardless of how you earned your income, any money that is earned […]
Read MoreBig or small fish, anyone is bait for a CRA tax review – BNNBloomberg.ca
Taxpayers dread the possibility of getting a letter from the CRA announcing an audit or review of their return. Even more frustratingly for many, is that it is difficult to predict, who might be selected for such scrutiny. It seems to come down to a judgement call for each return, with those that are particularly […]
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