Canada Revenue Agency

What The Liberals' Tax Promises May Mean For You

Caroline Battista | Posted 11.05.2015 | Canada Business
Caroline Battista

In Canada, our system is unique to the individual, and tax obligations are based on each person's allowable deductions and credits. Knowing what to include is often difficult for filers because, across Canada, confusion about taxes persists. Knowing how influential taxes were in the election, let's make sure we understand what is out there and available.

Spending Too Many Days In The U.S. May Complicate Your Taxes

Cleo Hamel | Posted 11.09.2015 | Canada Business
Cleo Hamel

Last week, Canadian government plans for keeping better track of people coming and going from the U.S. were revealed. The driving purpose for the increased scrutiny will save the government millions of dollars in social benefits on those who shouldn't receive them because they are out of the country.

Feds Mull Letting Students To Use Travel Points To Repay Loans

CP | Jordan Press, The Canadian Press | Posted 11.02.2015 | Canada Business

The program is in place in two provinces — Alberta and Ontario — but a move to the federal level would reach the hundreds of thousands more students.

Snowbirds Risk Losing Benefits Under New Exit-Tracking System

CP | Jim Bronskill, The Canadian Press | Posted 10.27.2015 | Canada Business

OTTAWA — Snowbirds beware: The federal government will use its planned border exit-tracking system to avoid paying hundreds of millions of dollar...

Deaf Ontario Man Clashes With CRA Over Assistive Technology

CP | Ben Cousins, The Canadian Press | Posted 10.24.2015 | Canada

"Lots of companies are still unaware how to interact with deaf community,'' said Mitch LaFrance.

Think-Tank Questions CRA Auditing Of Charities

CP | The Canadian Press | Posted 09.28.2015 | Canada

Last year, the institute released a similar survey looking at tax data from same 10 right-leaning charities between 2011 to 2013 and cross-referenced that with publicly information on their activities during those years

Tory Ministers Met With, Praised KPMG Even As CRA Probed Its Tax 'Sham'

CBC | Posted 09.22.2015 | Canada Business

Top Conservative cabinet ministers met publicly with senior staff from KPMG's tax division, and one went so far as to promote the firm, even as the ...

Greens File CRA Complaint In Bid To Get Elizabeth May Into Munk Debate

CP | The Canadian Press | Posted 09.20.2015 | Canada Politics

The Greens argue that excluding May from the debate has put the foundation in violation of the Income Tax Act.

Court Fight to Stop FATCA Impacts Every Canadian

Cleo Hamel | Posted 09.15.2015 | Canada Business
Cleo Hamel

Under the FATCA rules, financial institutions are obligated to provide the IRS with information about accounts and holdings of U.S. citizens. Basically, the IRS is trying to make sure you are not hiding money overseas though Canada is hardly a tax haven. But there is more to this overreaching legislation that just tracking down deadbeat U.S. citizens.

'Sham' That Allows Wealthy Canadians To Avoid Taxes Revealed

CBC | Posted 09.10.2015 | Canada Business

A wealthy Victoria, B.C., family paid virtually no tax over a span of eight years – and even obtained federal and provincial tax credits – while ...

Total Is Taking On The Canada Revenue Agency

CP | The Canadian Press | Posted 09.03.2015 | Canada Business

CALGARY — The Canada Revenue Agency is demanding $11.5 million in tax owing and interest from Total Energy Services Inc. (TSX:TOT), a ruling the Ca...

Canadians Owning Property in the U.S. Could Cash in on the Weak Loonie

Cleo Hamel | Posted 09.01.2015 | Canada Business
Cleo Hamel

For the past few years, Canadians have been taking advantage of our dollar being worth about the same as the U.S. dollar. From buying up real estate to cross-border shopping, being on par with the U.S. dollar has had its advantages. However, in the last few months, economic factors have driven the Canadian dollar down. It may be time to regroup and look at some strategies to make the weakening dollar work for you.

Canada To Get More Aggressive Collecting Student Loans

CP | Jordan Press, The Canadian Press | Posted 08.31.2015 | Canada Business

OTTAWA — Hundreds of thousands of university and college students walking onto campuses this week with help from federal loans could find themselve...

The CRA Couldn't Collect $3 Billion - But It Can Still Go After You

Caroline Battista | Posted 07.31.2015 | Canada Business
Caroline Battista

Believe it or not, even the long arm of the taxman can come up empty-handed from time to time. According to the latest federal public accounts, the Canada Revenue Agency wrote off $3.4 billion in uncollectible tax debts from 2013 to 2014.

The Underground Economy Is Eroding the Integrity of Our Tax System

Gabe Hayos, FCPA, FCA | Posted 07.15.2015 | Canada Business
Gabe Hayos, FCPA, FCA

How is it that everyone seems to know someone who's paid under the table, but no one concedes to doing it? Of course, that's no surprise. Who wants to admit to putting personal gain ahead of the greater good? It costs jobs, undermines businesses that play by the rules, and deprives the government of much needed revenue for vital programs. Statistics Canada says the underground economy totalled $42.4 billion in 2012, roughly 2.3 per cent of gross domestic product, much of it occurring in the construction, finance and real estate, retail and hospitality industries.

Canadians Are Still Stumped by TFSAs

Caroline Battista | Posted 07.07.2015 | Canada Business
Caroline Battista

Canadians may be able to save more in their Tax Free Savings Accounts (TFSA) but most are still confused by how the account actually works. Tax Free Savings Accounts (TFSA) seemed like a simple concept when it was announced in 2009. Canadians over the age of 18 were allowed to save up to $5,000 per year in a TFSA. But the rules are easily misinterpreted. I know several people who have been hit with overcontribution fines.

5 Things You Should Know About Bill C-377

CP | The Canadian Press | Posted 06.26.2015 | Canada Politics

The Senate was locked in debate Friday about the fate of a contentious union finance disclosure bill, known as Bill C-377.

Got A Question For Canada Revenue? Good Luck With That

CP | Jordan Press, The Canadian Press | Posted 06.19.2015 | Canada Business

OTTAWA - Almost seven in every 10 callers looking for help from the Canada Revenue Agency are greeted by a busy signal because the lines are overwhelm...

You Can Fight the Taxman With Enough Paperwork

Caroline Battista | Posted 06.17.2015 | Canada Business
Caroline Battista

The CRA conducts random reviews over the summer months to make sure that people are claiming their credits correctly. These requests from the CRA are not audits -- they are simply requests for supporting paperwork. However, some taxpayers will receive a Notice of Reassessment usually with an amount owing.

One Small Date Error Extends Tax Season

Caroline Battista | Posted 05.04.2015 | Canada Business
Caroline Battista

While the extension is good news for anybody who might have left their tax filing to the last minute, it demonstrates that mistakes can happen fairly easily. If the almighty taxman can miss updating a date on a memo then it's completely fathomable that we might make a few errors when it comes to our taxes. But tax mistakes can be costly.

5 Essential Tips for Last-Minute Tax Filers

Jeff Cates | Posted 06.28.2015 | Canada Business
Jeff Cates

It's tax time and the deadline is just days away. Your month of tax procrastination may be stressing you out, but don't worry. The following tips will get you through the final days. By filing late or failing to file, you will incur a range of financial penalties. Why just throw your money away?

Oliver, CRA Clarify TFSA Change

CBC | Posted 06.24.2015 | Canada Business

Canadians don't need to wait for the budget to be passed before taking advantage of the TFSA changes announced in it, officials at the Canada Rev...

CRA Letter Just Tory 'Advertising,' Edmonton Mom Says

CBC | Posted 06.23.2015 | Canada Politics

No one likes getting mail from the Canada Revenue Agency. Usually, anyway. But when Edmonton mom Rosemary Ronald opened one letter two weeks ago, s...

Procrastination Doesn't Pay at Tax Time

Caroline Battista | Posted 06.21.2015 | Canada Business
Caroline Battista

If you don't owe, you may not feel any pressure to file but getting your tax return completed on time makes good financial sense. If you miss your tax filing deadline, you are immediately hit with a five per cent penalty on whatever you owe. It may be easy to put it off and file later, but you should remember that a tax refund is your money.

Ways to Be Smart With Your Tax Refund

Caroline Battista | Posted 06.14.2015 | Canada Business
Caroline Battista

The decision about what to do with your tax refund is particularly important to those young Canadians anticipating a refund. You want a vacation, and there's probably something you've wanted to buy and put off until you got your return. But consider this...