Helping First Nations, Inuit and Metis with Tax Filing

The Canada Revenue Agency is trying to reach out to Canada’s First Nations, Inuit and Metis to encourage them to file their tax forms on time and could use your help to make sure these communities get all the tax benefits they are entitled to. But filing tax returns are not always easy, especially when there is income on and off the reserve.

CRA’s push to get Canadians to file their tax returns electronically has been extremely successful this year, driving a million more tax filers to use EFILING services with a professional and a million more to use NETFILING. 

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.

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.

Recently, the federal and several provincial governments have announced their intention of introducing Social Impact Bonds.

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.

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.