No More Sworn Testimony, But Audits Are Still Stress Inducing

“That” Phrase: it’s one no taxpayer wants to hear – digitally or otherwise. “You’re being audited.” If you’ve had to deliver that news you’ll know that the reaction can range from indignity to shock to panic. Based on the latest piece of legislation before Parliament, you might have to tell more of your clients to buckle up, it’s going to be a bumpy ride. CRA will now have greater powers. Consider this:

Cash flow and income are two different things; but it may be all the same to your clients — how much do I have to spend each month? Help your clients understand their after-tax cash flow with our Cash Flow Calculator — Try a free demo today!

December is just around the corner and it’s high time to finalize the estimation of 2013 taxes payable income in order to determine the correct amount of the final tax instalments (December 15 for all taxpayers except farmers, who must submit one instalment on December 31).

The Supporting Small Businesses Act recently passed a second reading in the Ontario Legislature. Also known as Bill 105, the object of the legislation is to provide relief from the Employer Health Tax to small businesses, charities and not-for-profit entities.

On October 31, the Canada Revenue Agency (CRA) announced changes to the Scientific Research and Experimental Development (SR&ED) claim form, which incorporates changes announced in the 2012 and 2013 budgets.

With all the political shenanigans of late (both federal and local), the respect – or lack thereof – of the taxpayers’ dollars emerges on front page news daily. If this is particularly irksome to you, you might be interested in a little history of taxation in Canada. 

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.