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:

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When family situations change—whether by design or happenstance—cash flows are often affected and adjustments must be made to either find new sources of cash or to make existing income sources more tax efficient thereby increasing after-tax cash flow.

CRA announced on September 23 that the prescribed annual interest rates will indeed go up by 1% on amounts owed to and by the CRA by individuals and corporations.

CRA is cracking down on the use of electronic suppression of sales (ESS) software.

New Governor of the Bank of Canada (the Bank), Stephen S. Poloz, told a Vancouver board of Trade audience last week that the key to economic growth in Canada lies in the creation of new businesses which in turn, create new jobs, and the new income required to propel our economy forward in the near future.