All items tagged with: tax evasion
Posted in: Strategic Thinking , tax preparation, CRA, Canada Revenue Agency, Evelyn Jacks, Essential Tax Facts, tax evasion, tax penalties, overdue taxes, tax deliquency, late tax filing, overdue tax returns
It pays to file outstanding tax returns before year end, not only to recover refunds that CRA may still owe you, but also to avoid paying penalties and interest that would be charged for gross negligence or in some cases, tax evasion. But also, when you don’t file on time, you miss out on important tax planning opportunities that may end for you on December 31. Here are 8 important reasons to review your return before year-end.
Posted in: Strategic Thinking , CRA, tax credits, knowledge bureau, Canada Revenue Agency, tax avoidance, income tax act, Evelyn Jacks, tax evasion, taxpayer bill of rights, criminal code, Excise Tax Act, tax deductions, tax education, business expenses, CRA audit, audited by the CRA, audit process, tax laws, Canadian businesses, individual tax returns, income tax returns, income tax audit, tax write-offs, home office deductions, rental properties, tax issues, John Tucciarone, Chartered Professional Accountants of Canada
The Canada Revenue Agency completed nearly 112,000 audits during fiscal 2016-17, according to a government report on recent efforts to crack down on tax cheats. If you or your clients are chosen for an audit, there are a few best practices that can help you through the process.
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 , Federal Government, Financial Advisor, taxation, knowledge bureau, Evelyn Jacks, income tax, tax evasion, Small Business, Canadian economy, financial education, tax preparer, tax reform, proprietorship, financial planner, wealth manager, proposed tax changes, tax regulation, tax regime, Canadian small business, private business, business owners, tax in Canada, standards of living
Accountants, bookkeepers, financial advisors and business leaders are joining the chorus of dissent against Ottawa’s proposed tax changes affecting private corporations, warning of dire consequences to the Canadian economy if implemented, a Knowledge Bureau survey finds.
Posted in: Strategic Thinking, Distinguished Practices, Tax Planning , tax evasion
Canada announced in its 2013 federal budget that international tax evasion was at the top of the list of concerns for our nation and that capturing revenue from such sources would help alleviate the tax burdens on other citizens.
Posted in: Strategic Thinking, Distinguished Practices, Tax Planning , tax evasion, tax law
Those involved in criminal tax evasion cases are advised to bear civil tax consequences in mind when negotiating plea bargains and making admissions because the Tax Court of Canada (TCC) may admit evidence that may be otherwise inadmissible, if unchallenged in prior criminal proceedings.