Canada Revenue Agency

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.

Parents May Be Facing A Tax Bill Thanks To Extra Child Care Benefits

Cleo Hamel | Posted 12.09.2015 | Canada Business
Cleo Hamel

After weeks of waiting, we finally know how the Liberals are starting to roll out their tax-related election promises. The previous government was notorious for introducing last minute, retroactive tax changes that it was hard to predict if the new government would follow suit. And now we have our answers.

How To Make Your 2015 Tax Return Your Best One Yet

Caroline Battista | Posted 12.03.2015 | Canada Business
Caroline Battista

Working in the tax industry, I am always surprised by the number of people who think tax planning only happens when they file their return. Waiting until March or April to do your tax planning is not recommended if you want to pay the least amount of tax legally possible.

The Lax Approach To Corporate Tax Havens Is Failing Canadians

Dan Darrah | Posted 12.02.2015 | Canada Business
Dan Darrah

Companies operating in Canada in 2014 held over $199 billion in "assets" -- unpaid taxes -- in havens like Barbados and the Cayman Islands. Canada is one of the biggest "losers" of corporate tax revenue. The "winner" countries are the ones with low-to-none corporate income tax, such as Bermuda, as well as the super-rich.

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.