Late Filing Penalties: Talk About It!
While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:Pre-Filing Audits: CRA Targets Tax Pro Errors
On January 17, 2014, CRA announced a new Registration of Tax Preparers Program (RTPP) under which it intends to have all tax practitioners register and be assigned a new PIN number so that CRA can target those with high error rates and intervene with “pre-assessment” visits to promote accuracy during tax season.
Retroactive GST/HST Reassessments in New Legislative Proposals: The Excise Tax Act
The Tax Court of Canada recently provided a favorable ruling in a case that allowed a business to claim input tax credits for amounts of GST already recovered from suppliers through credit notes.
ABILs: Understanding the Meaning of Bad Debt
Last week, we discussed the partial success of the Coveleys, a couple whose claim for an ABIL in 2005 was challenged by CRA.
Evelyn Jacks: Claiming Employment Expenses
Do you spend money in the course of your work that’s not reimbursed by your employer? Certain employees may, in fact, claim out-of-pocket expenses on their tax returns.
Grad Spotlight – How Dean’s MFA Keeps Him Current in the Industry
Dean Cockell earned his MFA-Retirement Income Specialist designation in 2008, and since then has been an active Knowledge Bureau alumnus. We are pleased to have Dean as one of our distinguished grads.
Determining the ACB of Disposed Shares
Since Nortel no longer trades, how do I dispose of the shares in doing a tax calculation? What would be the ACB, considering there was a reverse stock split before the shares were delisted?
