The CRA TSlip Saga: An Update

This tax season has been particularly challenging for both taxpayers and tax professionals. The Canada Revenue Agency (CRA) provides tax information slips—such as T3, T4, T5, and their variations—through secure online portals: My Account and Represent a Client (RAC). This year, there were lots of problems with these portals, and now, it appears, CRA is not being quite transparent about when the slips were actually visible to clients and that doesn’t seem fair. Here’s an update on where we stand now.

Knowledge Bureau has released its marginal tax rate calculations for 2013 now that all federal and provincial budgets have been released.

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.