Winning Big While Gambling In The U.S. Can Bring Tax Pain

Cleo Hamel | Posted 11.23.2015 | Canada Business
Cleo Hamel

Unlike Canada, the U.S. does not let you have lottery or gambling wins tax-free. So whether you are playing fantasy sports sites based in the U.S., gambling in Vegas or playing a U.S. lottery, you can expect the Internal Revenue Service (IRS) to be interested in your winnings.

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.

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...

FATCA Court Challenge Fails to Make a Dent

Cleo Hamel | Posted 10.01.2015 | Canada Business
Cleo Hamel

As expected, the court challenge to the Foreign Account Tax Compliance Act (FATCA) by two Canadians failed to stop the flow of information between the Canada Revenue Agency (CRA) and Internal Revenue Service (IRS) happening in the last half of September. Lawyers for the Canadians argued that the agreement was an unlawful use of the tax treaty and a violation of the Charter of Rights and Freedom and was unconstitutional but a Federal Court judge disagreed.

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 ...

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...

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.

CRA Writes Off Billions In 'Uncollectible' Tax Debts

CP | Jim Bronskill, The Canadian Press | Posted 07.13.2015 | Canada Business

Debts were declared uncollectible because those owing had died, gone bankrupt, could not be located or lived outside Canada.

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?

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 ...

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.

The Taxman Is Asking New Canadian Immigrants for Piles of Paperwork

Caroline Battista | Posted 06.06.2015 | Canada Business
Caroline Battista

The taxman has been asking some of our new Canadian clients for additional information while they review their tax returns. The CRA is well within their rights to ask for additional documentation but new Canadians are facing a rather long list of requirements.

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.

Revenue Canada Told To 'Stockpile' Some Family Tax Cut Claims

CBC | Posted 05.20.2015 | Canada Business

Some families hoping to cash in on the government's much-hyped family tax cut may have to put their spring spending spree on hold for a few month...