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The transfer of assets to family members is an important part of retirement and post-retirement planning, as the tax consequences can be enormous. This is especially true now for average families as well as high-net-worth clients, because all final tax returns will carry with them the requirement to report any deemed disposition of a common family asset: the principal residence.
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Do you or your clients use PayPal for business transactions? Did you report them on your tax return? If not, you’ll want to correct those errors or omissions quickly under the Voluntary Disclosures Program (VDP), because you are in the sights of the CRA. A federal court ordered PayPal to disclose information about all business account holders who received or sent a payment between January 1, 2014, and November 10, 2017.
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Strategic Thinking, Debt Management, Financial Literacy, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, voluntary disclosure program, tax debt, tax courses, debt and cash flow management, wealth management, Marcia Elaschuk, financial courses, CRA debt, PayPal, online business transactions, CRA interest, CRA penalties, income tax filing, business tax, T2 Tax Preparation for Small Businesses
If you owe money to the CRA, but you can’t pay, what is the best course of action? For example, if you or your clients use Paypal for business and were not previously reporting this income on your tax returns, the new CRA requirements may leave you in a position where you have to pay taxes you weren’t anticipating.