CRA;

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.

Trudeau Needs More CRA Fixes To Repair Damage To Charities

Gareth Kirkby | Posted 01.26.2016 | Canada Politics
Gareth Kirkby

The Trudeau government seemingly called off the CRA from harassing Canada's charities on January 20. Well, not really, in fact. The Trudeau government's timidity so far in fixing this abuse of power by the previous government will probably result in some of Canada's most popular and important charities heading toward decertification and oblivion.

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.

Tax-Free In Canada Doesn't Mean Uncle Sam Agrees

Cleo Hamel | Posted 01.19.2016 | Canada Business
Cleo Hamel

If you are a U.S. citizen living in Canada or you are a Canadian with U.S. tax filing obligations, make sure you understand how your TFSA and RESP will be impacted. You may want to look at different investments to help minimize your U.S. tax reporting requirements.

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.

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.

Should You Contribute To An RRSP Or A TFSA?

Nanci Murdock | Posted 12.15.2015 | Canada Business
Nanci Murdock

First, what does each acronym mean? An RRSP is a Registered Retirement Saving Plan, and a TFSA is a Tax-Free Savings Account. Both are provided by the Canadian government as incentives for Canadians to save, primarily for retirement.

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.

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.