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:Winnipeg Restauranteurs Taste Tax Evasion Fines
On May 1, the Canada Revenue Agency (CRA) announced that two corporations and the director of one plead guilty to tax evasion charges in the Provincial Court of Manitoba. The fines totaled a hefty $731,986.
Families that Save Together are Powerful
Comedian Ray Romano once said, "Having children is a lot like living in a frat house – nobody sleeps, everything’s broken, and there’s a lot of throwing up.” But aside from being highly amusing calamities at times, families are also powerful economic unions which are subject to fairly complicated tax rules.
Social Impact Bonds – A New Investment Vehicle?
Recently, the federal and several provincial governments have announced their intention of introducing Social Impact Bonds.
Canada Has 16 Information Exchange Agreements with Other Countries
On May 9, the Honourable Gail Shea, Minister of National Revenue, released a statement that the US, Australia, and the UK announced they are in possession of tax-related information involving numerous trusts and companies holding assets on behalf of residents in jurisdictions around the world.
Understanding Synthetic Dispositions – Forward Sale, Securities
In the May 8 issue of KBR, the article “Understanding Synthetic Dispositions” explained the concepts of synthetic dispositions and their tax implications. In this issue, we provide an example involving the forward sale of securities.
Understanding How to Work with CRA, Post-Season
Taxpayers and their advisors must prepare documentation and filings that follow both the laws created by the Department of Finance and the interpretation of the law by CRA. This has been proven again and again in the Courts. That’s why taxpayers and their advisors must understand the rules and how to comply with them, not just during tax filing season, but in its aftermath, too.
