Canada Revenue Agency

Mentally Ill Deserve Fair Access To Disability Tax Credits

Marvin Ross | Posted 05.24.2016 | Canada
Marvin Ross

According to advocate Lembi Buchanan of Victoria, "It has become virtually impossible for the majority of people living with severe psychiatric illnesses to access the DTC without appealing to the Tax Court of Canada."

Ottawa To Make It Easier To Change SIN Sex Designation

CP | The Canadian Press | Posted 05.18.2016 | Canada Politics

A spokesman said the department doesn't know how many people ask for a change in the sex designation annually.

Handling Foreign-Based Estate Assets

Suzana Popovic-Montag | Posted 05.16.2016 | Canada Business
Suzana Popovic-Montag

As more Canadians are choosing to spend greater time abroad, it has become increasingly common for estates to include foreign-based assets upon death. From an estate law perspective, foreign-based assets can give rise to estate administration issues that are best addressed as part of an estate plan created in consultation with professional advisors.

Feds Halt Sale Of Conrad Black's Mansion Over Unpaid Taxes

The Huffington Post Canada | Daniel Tencer | Posted 05.13.2016 | Canada Business

Lord Conrad Black can't seem to stop running headfirst into the law.

Fake Tax Scam Dupes Woman Out Of $8,000

The Huffington Post Canada | Emma Paling | Posted 05.01.2016 | Canada British Columbia

Police in Ontario are warning residents about the same scam.

CRA Accused Of Mailing SIN Numbers To Wrong People -- Twice

CP | Jim Bronskill, The Canadian Press | Posted 04.25.2016 | Canada Business

"I think what's really disturbing is, when it comes to data breaches, CRA is a repeat offender."

CBC Declines To Hand Over Panama Papers Data To CRA

CBC | Posted 04.12.2016 | Canada Business

Journalists involved in Panama Papers leak will post all online in May.

CRA Aims To Get $2.6 Billion Back From Tax Cheaters

CP | The Canadian Press | Posted 04.11.2016 | Canada Business

CRA plans to stop businesses that offer tax schemes for the wealthy.

We Can Fix The Rigged Tax System Revealed In The Panama Papers

Dennis Howlett | Posted 04.10.2016 | Canada Business
Dennis Howlett

Is it collusion, corruption or just plain incompetence? That answer will likely play out over time if there is a public demand for accountability. In the meantime, Canadians need a plan to make sure that our leaders understand what we have known for a while -- the tax system is neither fair nor doing an adequate job.

A Letter To Wealthy Tax Evaders, From Your Pal The CRA

David Martin | Posted 04.08.2016 | Canada Business
David Martin

Dear valued wealthy client: First, we'd like to apologize for corresponding with you directly. We know that you prefer that we communicate with you through your accountants or your esteemed team of corporate tax lawyers.

Panama Papers Prove Ottawa Must Get Tougher On Tax Evasion

Nicholas Mizera | Posted 04.06.2016 | Canada Business
Nicholas Mizera

In the wake of the Panama Papers investigation, federal anti-money laundering agency Fintrac slapped an unnamed Canadian bank with a $1.1-million penalty for failing to report a suspicious transaction and various money transfers. Fintrac hopes the move sends a "strong message" to individuals attempting to short the country's coffers. How's that, exactly?

Althia Raj

Liberals Expect Big Payoff From Tax Evasion Crackdown

HuffingtonPost.com | Althia Raj | Posted 03.24.2016 | Canada Business

Canada Revenue Agency has been terrible at prosecuting overseas tax evasion.

Can I Just Walk Away From My Debts?

Douglas Hoyes | Posted 03.24.2016 | Canada Business
Douglas Hoyes

I've had a few people say to me recently "If you have debt, just walk away; the banks won't do anything. My friend stopped paying, and nothing happened to him. Don't bother with credit counselling, or a consumer proposal, just walk away". Does that strategy actually work?

The Risks Of Filing Taxes Late Or Lying About Your Income

Caroline Battista | Posted 03.08.2016 | Canada Business
Caroline Battista

You would be surprised at how many times I get asked if a person has to file their taxes. The short of it is, if you earned any income, it is in your best interest to file a tax return this year. Either to get your own money back or determine what you owe and avoid penalties.

Tax Changes That Will Impact Your Return This Year

Cleo Hamel | Posted 03.03.2016 | Canada Business
Cleo Hamel

From the Canadian Federal election to the collapse of oil prices to a jump in food prices, 2015 was a year of changes. And your tax return is no exception. But unlike previous years, there are only a few changes. However, even small changes can help you save a few tax dollars.

8 Unexpected Ways You Can Save Money On Your Tax Return

Caroline Battista | Posted 03.01.2016 | Canada Business
Caroline Battista

Even after mastering the basics of tax preparation and filing, a lot of filers will often find out new things about their tax returns that end up delivering a few more benefits along the way. I call these tax "aha!" moments.

Last-Minute RRSP Contribution? Avoid These Common Mistakes

Cleo Hamel | Posted 02.22.2016 | Canada Business
Cleo Hamel

The first major financial deadline of 2016 is February 29. This is the last day you can make a contribution to your Registered Retirement Savings Plan (RRSP) and claim the contribution on your 2015 tax return. You still have the first 60 days to make contributions but with the leap year, the deadline is midnight at the end of the month.

Not Just Anyone Can Speak To The IRS

Cleo Hamel | Posted 02.17.2016 | Canada Business
Cleo Hamel

The Internal Revenue Service (IRS) has rules for tax preparers and which ones can contact them on behalf of a client. It means if you want your tax preparer to handle anything with the IRS on your behalf, they need to have specific qualifications.

How Marriage, Death and Other Family Changes Impact Your Taxes

Caroline Battista | Posted 02.10.2016 | Canada Business
Caroline Battista

Did you recently marry or have a child? Did you go through a divorce or the death of a spouse? Family status changes like these directly affect your tax return. Start now and make sure you understand how you will be affected and what credits or deductions may now be accessible to you.

What Cashing In On Sharing Apps Means For Your Taxes

Caroline Battista | Posted 02.03.2016 | Canada Business
Caroline Battista

Businesses have disrupted their respective industries by embracing the sharing platform, which creates new opportunities for those willing to get involved. Each day, there are new apps or programs popping up in cities across the country that make the sharing economy that much easier to operate in.

2016 Tax Hacks To Help You Save Money, Time And Stress

YPNextHome | Posted 02.03.2016 | Canada Business
YPNextHome

It's February, folks, and you know what that means. Taxes... Yeah, yeah, Groundhog Day, Valentine's Day, 2016 leap year and all that. But it's also the time of year when people wake up to the fact that, oh crap, tax deadlines are looming, and that they better get their act together to reduce their tax bill -- not to mention their stress level.

Liberals Wind Down Political-Activity Audits Of Charitable Groups

CP | Bruce Cheadle, The Canadian Press | Posted 01.20.2016 | Canada Politics

The time-consuming audit program prompted critics to accuse the government of launching a politically motivated witch hunt.

This Is How The Underground Economy Shortchanges Canadians

Caroline Battista | Posted 12.28.2015 | Canada Business
Caroline Battista

It may be tempting to pay for certain things in cash because we think that saving a few dollars here and there can't hurt; however, we fail to see the larger impact of what happens when we do. The underground economy makes it challenging to protect the country's revenue base and hinders the government's ability to keep taxes low. When people pay in cash, they skip out on paying the taxes that support things like healthcare, education and public transportation -- the very social services we rely on every day.

Canadians Urged To Review 2016 Changes To Tax Rates, TFSA Limits

CP | Craig Wong, The Canadian Press | Posted 12.20.2015 | Canada Business

Peter Bowen says for many people, this might be the most important tax planning season they've ever had.

Canada's Tax System Is Overdue For An Overhaul

Dennis Howlett | Posted 12.18.2015 | Canada Business
Dennis Howlett

There is little argument that Canadians deserve a fair tax system. It is unacceptable that there be even the slightest perception that corporations and wealthy individuals can avoid tax investigations by hiring a lobbyist or high-priced tax lawyer. The minister should be demanding answers -- on behalf of all Canadians -- from her senior managers.