10-8 Plans: Budget Bolsters the Law After CRA Fishing Expeditions Made More Difficult in Court
Today's federal budget proposed to change the law both in respect of 10-8 plans and information required from third parties for the purposes of tax administration or enforcement. Here's the case...
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Household Debt Now 165% of Disposable Income
Household debt in relation to disposable income rose to another record last quarter, and many are now wondering whether Mark Carney, Governor of the Bank of Canada, was correct to assert that families are listening to his warnings about the risks of borrowing too much.
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Prescribed Interest Rates Remain Unchanged in Second Quarter
The CRA recently announced that the prescribed interest rates for the period April 1 to June 30, 2013 will remain unchanged from the previous quarter.
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When Should Young People Learn Financial Literacy?
An interview with Evelyn Jacks, President, Knowledge Bureau, by Robert Martellacci, M.A. EdTech, President & Publisher, Mindshare Learning
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Tax Audit Alert: Failure to Report Income Expensive
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.
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