Canada Revenue Agency

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...

WATCH: It's Tax Season, What Are You Waiting For?

Posted 04.13.2015 | Canada Business

It's bearing down on you like a boulder rolling down a hill: Tax season. Ok, so maybe it isn't that bad, but really, what are you waiting for? The ...

CRA Charity Audit 'Targeted To Folks That Speak Up Against Government'

CBC | Posted 06.12.2015 | Canada Business

A union-backed charity that wants Canadian mining companies held accountable for overseas misdeeds is among the latest to be targeted by the Canada Re...

Should I File My Own Taxes, or Consult a Professional?

Caroline Battista | Posted 06.10.2015 | Canada Business
Caroline Battista

Everyone has their own style when it comes to filing their tax returns. You can file yourself, or use a tax pro, but make sure you file by the deadline. No matter how you choose to do your return, you want to make sure you are claiming all of the credits and deductions available so you don't pay any more tax than needed.

Canada's Charitable Law Urgently Needs Reforming

DeSmog Canada | Posted 05.25.2015 | Canada Politics
DeSmog Canada

A report released today by the University of Victoria's Environmental Law Centre calls for sweeping reform of Canadian charitable law in line with other jurisdictions such as the U.S., Australia, New Zealand and England. Current rules around "political activity" are confusing and create an "intolerable state of uncertainty," the report says.

Liberals: CRA Misleading Taxpayers

CBC | Posted 05.17.2015 | Canada Business

The federal Liberal party's national revenue critic says Conservative cuts to the Canada Revenue Agency are hurting service and confusing taxpaye...

CRA Nudges MPs To Promote Tory Tax Measures

CP | Stephanie Levitz, The Canadian Press | Posted 04.10.2015 | Canada Politics

OTTAWA - An annual tax season information kit being sent to all members of Parliament is going further than just outlining the nuts and bolts of payin...

Canada Revenue Agency: Crime Fighter

CP | Jim Bronskill, The Canadian Press | Posted 04.10.2015 | Canada Business

OTTAWA - The federal revenue agency can now hand the police possible evidence of serious crime — including terrorist activity — that it happens to...

Revenue Canada's Call Centres Giving Bad Tax Advice: Report

CBC | Posted 04.10.2015 | Canada Business

One of every four business callers who ask for tax help from the Canada Revenue Agency’s call centres gets bad information, an internal survey sugge...

Looking For a Tax Break? Consider Borrowing a Child or Two

Caroline Battista | Posted 04.05.2015 | Canada Business
Caroline Battista

Children up to six years old will receive $160 per month or $1,920 for the year. Once they turn six, parents will receive $60 per month or $720 per year until the child turns 18. If you are a parent, it can make you excited about your taxes. However, it is not being paid out as part of your tax refund.

Dying With Dignity Group Stripped Of Charitable Tax Status

CP | Bruce Cheadle, The Canadian Press | Posted 03.22.2015 | Canada Politics

OTTAWA - Canada's registered charities are not permitted to exercise moral pressure or promote "an attitude of mind" that might influence legislation,...

CRA's Text Message Destruction Should Be Probed: NDP

CP | Jim Bronskill, The Canadian Press | Posted 03.21.2015 | Canada Politics

OTTAWA - A New Democrat MP is raising the spectre of a political coverup in asking the federal information watchdog to investigate the Canada Revenue ...

How To Avoid Getting Stung By Tax-Time Scams

Caroline Battista | Posted 03.07.2015 | Canada Business
Caroline Battista

The CRA will never ask for a credit card number, passport number, driver's license number or health card number. If it isn't information you normally provide with a tax return, the CRA won't ask you for it -- much less, as one scam goes, ask you to leave the information on an answering machine.

Why Is CRA Reinterpreting Rules to Shut Down Charities It Doesn't Agree With?

Gareth Kirkby | Posted 02.20.2015 | Canada Politics
Gareth Kirkby

Respected charities doing important work are being told they were never qualified to operate, that some bureaucrat made a historical mistake and now the organization must be shut down, their work discontinued, their assets scattered among those charities in their same sector that survive.