All items tagged with: Canada Revenue Agency

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.

Skepticism Brewing? CRA Explores New Technology

Posted: January 29, 2019 By : Beth Graddon
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, privacy, CRA service standards, DFA - Tax Services Specialist, SecurKey

The CRA has been facing extensive scrutiny against their own service standards. Now, in a new initiative they are exploring ways for taxpayers to access their own accounts, protect their privacy, and verify their identity in government offices without the hassle of requiring them to bring multiple forms of identification. In addition, the initiative will make it easier for government agencies, banks and provincial licensing offices to share information with the CRA.

Driving for Uber: Tax Requirements in the Gig Economy

Posted: January 22, 2019
Posted in: Strategic Thinking , CRA, tax credits, Canada Revenue Agency, motor vehicle expenses, Canadian income tax calculator, gig economy, Uber, tax for Uber

Beware the taxman, Uber drivers. The rise of the gig economy comes with its own unique challenges from a tax perspective, and an appeals case from Uber Canada Inc., currently with the Tax Court of Canada sheds light on the grey areas that exist.

The Tax Refund: Friend or Foe to Wealth Management?

Posted: January 15, 2019 By: Evelyn Jacks By :
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, rrsp, tax filing, tax refund, tax-efficient retirement planning, TD1, tax return, Individual Income Tax Report, tax filing statistics

The Statistics Canada’s Individual Income Tax Report*released on January 8, highlighted just how much Canadians are being over-taxed by the CRA. With average tax refunds coming in at $1,757 for the 2018 filing season, many taxpayers are effectively providing the government with interest-free loans of approximately $150 per month for up to 16 months before they see their refund. Just how much is that really costing you?

Ranking Canada’s Tax System: Compliance Burden Not So Bad?

Posted: December 19, 2018 By : Beth Graddon
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, income tax, Taxpayers' Ombudsman, tax calculators, business taxation, CRA service standards, Income Tax Courses, taxes, Canadian tax

It takes 131 hours per year for the average small business to comply with CRA demands, but that’s actually not that bad, comparatively speaking, according to some recent reporting.