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All items tagged with: CRA

CRA Tax Jurisprudence and Convictions: Remain Above Board

Posted: April 16, 2019 By : Tammy Sigurdur
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, tax evasion, jurisprudence, tax crime, tax scandal

The CRA has received increased funding in the March 19, 2019 budget to crack down on offenders. This includes delinquent professional tax preparers or those who intentionally or inadvertently offer services to clients who circumvent tax laws. The CRA does not take this lightly: not filing tax returns correctly can lead to a jail term, fines, or both. Consider the following cautionary tales of grief with the CRA as an incentive to file above board. 

A Long Way to Go: Only 30% of T1s Filed to Date

Posted: April 09, 2019 By : Beth Graddon
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, tax returns, tax filing, individual tax returns, tax season statistics, filing statistics

Get ready for the last minute T1 filing rush! According to the CRA, just over 10.6 million tax returns were filed as of April 1; against a total of over 30 million in the last tax season. While electronic filing is the preferred choice for filing again, the average refund has decreased.

Paper Filing: A Right or a Problem of the Past?

Posted: April 02, 2019
Posted in: Strategic Thinking , tax preparation, CRA, Canada Revenue Agency, tax filing, CE summits, individual tax returns, paper filing, paper tax forms

If your clients are looking for paper copies of this year’s tax forms at the post office, they may be out of luck. Despite many locations posting advanced notice that they would be providing a limited number of paper forms this year, it is particularly concerning that some locations ran out early in the tax season. Some argue that the most vulnerable Canadians may be the most affected by these shortages.

CRA’s Quarterly Prescribed Interest Rate Increases: Avoid Late Filing Penalties

Posted: March 26, 2019 By : Walter Harder & Beth Graddon
Posted in: Breaking News, Strategic Thinking , CRA, tax filing, interest rate, CRA penalties, personal income tax, late filing penalties, interest on overdue taxes, prescribed interest rate

While the CRA has not yet announced the prescribed interest rate for the second quarter (April to June) in 2019, the rate is actually set by the average rate of three-month treasury bills in the first month of the preceding quarter, rounded to the next whole percentage point. Here’s what you need to know:

Charitable Sector Reform: CRA Lifts Suspension on Audits and Restriction on Political Activities

Posted: March 12, 2019
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, philanthropy, CAGP, Spire Philanthropy, charity, Ruth Mackenzie, MFA - P, charity and policy development, Advisory Commitee on the Charitable Sector, ACCS, Ministry of Finance, Minster of National Revenue, government consultations

The nature of the charitable sector is changing in Canada. On March 7, 2019, the Minister of National Revenue issued four key recommendations for the administration of new rules relating to the political activities of charities. Some in the sector are rejoicing, but others are wondering about the long term impact of the changes.

Managing Financial Controls: Professional Advice Includes Digital Risk Management

Posted: February 05, 2019 By: Evelyn Jacks
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, Evelyn Jacks, Tax Specialist, tax courses, tax advisor, professional development

Like many industries today, the bookkeeping, tax filing and financial services are undergoing a major transformation. A key issue that’s emerging: the control of private financial data and after-tax results in a digital world. Highly-trained specialists, can bring big value as financial intermediaries and risk managers for their clients who are concerned about control of their financial records.