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There are many different definitions of “income” on the tax return.
Understanding the concept of “goodwill” will work to your advantage, as Greer Jacks explains in this first of a two-part series.
In some countries, such as the United States, taxation is based on citizenship. In Canada, however, the government levies income taxes based on residency.
Federal tax returns are required to be filed by all Canadians who have a balance due or file to recover overpaid taxes or refundable tax credits. Provincial taxes for the whole year are based on your province of residence on December 31.
A taxpayer’s failure to have its waiver of appeal set aside reaffirms that validly negotiated settlements between taxpayers and the Canada Revenue Agency (CRA) are not to be questioned by the courts.