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:

A business owner in Prince George, BC, Kewal Singh Raju (Raju), and his business, Raju Homes Ltd., plead guilty and were sentenced with hefty fines and jail time for income tax evasion. Raju was fined $113,164 and handed an 18 month Conditional Sentence Order. Raju Homes Ltd. was fined $74,366. The fines represent 75 percent of the taxes evaded.

We are pleased to have Pat Foran, host CTV's Consumer Alert and author of The Smart, Savvy Young Consumer, as part of the Knowledge Bureau team. Learn more about Pat and read an excerpt from the Canadian bestseller The Smart, Savvy Young Consumer.

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Help us celebrate 10 years of cutting edge professional development and seize the opportunity: be there to think strategically with top advisors at the DAC in beautiful Ojai, California, November 10-13, 2013.

There was good news and bad news for small business corporations and investors in this budget. Here are the details of those provisions and other tax news for farmers and investors.