Seniors Targeted? The Tax Audits Begin

The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.

A recent Tax Court of Canada (TCC) decision shows that, despite personal feelings of sympathy, judges must follow the letter of the law.

As of January 2013, tax preparers who receive payment to prepare more than 10 income tax returns in a year will be required to file those returns electronically.

Canada and the United States are working toward improved cross-border tax compliance.

The Crown has appealed a recent Tax Court of Canada (TCC) decision that ruled penalties were criminal in nature, not civil. If the ruling is upheld, advisors will come under increased scrutiny.

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