All items tagged with: Canada Revenue Agency
Posted in: Strategic Thinking, Current Issue , CRA, tax court, knowledge bureau, Canada Revenue Agency, income tax act, Evelyn Jacks, income tax, tax courses, tax preparer, Canadian income tax, history of income tax, tax history, Income War Tax Act, income tax appellant process, notice of assessment, Tax Review Board, Superior Court of Record, Income Tax Appeal Board, Canada celebrations, important dates in Canada, Canadian history
National income tax is such a given in western economies that we lump it in with death as being unavoidable and portray the “Taxman” as some kind of grim reaper. But, in reality, federal income tax is a fairly recent invention — in Canada, we’ve just now reached the 100-year anniversary of the practice.
Posted in: Strategic Thinking , CRA, Financial Advisor, knowledge bureau, Canada Revenue Agency, organization for economic co-operation and development, income tax, tax residency, financial services, banking, phishing scam, Common Reporting Standard, G20, global tax evasion, tax compliance, tax identification number, tax authority, tax declaration, Foreign Tax Credit, Siegfried Merten, Merten Financial Inc., accountant
Advisors, inform your clients that they may receive letters from their financial institutions that they need to respond to, and it’s not a phishing scam.
Posted in: Strategic Thinking , Tax Planning, CRA, Financial Advisor, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, income tax, tax advisor, tax deductions, tax preparation for proprietorships, tax education, tax preparer, entrepreneur, self-employment, side gig, taxpayer, proprietorships, sole proprietor, self-employed income, business ownership, extra income
About 32 per cent of workers are starting their own businesses on the side for a variety of reasons — including 25 per cent of those who earn more than $75,000 and 19 per cent of those with income over $100,000. For tax purposes, it’s critical to know the difference between someone who is employed and someone who is considered self-employed.
Posted in: Strategic Thinking , Tax, CRA, tax credits, Canada Revenue Agency, tax shelters, Moving Expenses, voluntary disclosure program, tax error, tax deductions, child care expense claim, capital losses, VDP, errors and omissions, principal residence disposition, business investment losses
Did you know that the CRA’s Voluntary Disclosures Program (VDP) is proposed to change soon, restricting the ability to correct errors and omissions within a 10-year period?
Posted in: Breaking News, Tax Planning , Canada Revenue Agency, tax auditors
The Canada Revenue Agency (CRA) may be stymied by the billions in unreported income flourishing in the underground economy, yet over 3000 full time staff members will soon be cut, according to information obtained by Postmedia News under access to information legislation.
Posted in: Breaking News, Tax Planning , Canada Revenue Agency, tax filing
In Canada, we have a tax system based on self-assessment and voluntary compliance. It works extremely well, considering how complex the topic is, with the overwhelming majority of individuals and corporations meeting their obligations on time.