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.

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.

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.

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