Recently, the Office of the Privacy Commissioner of Canada, provided details in respect of the new mandatory reporting requirements where breaches of security safeguards have occurred.
CRA highlights relevant tax compliance and planning information if you bought or sold a home.
Although it may be possible to deduct travel amounts against employment income, such amounts are often challenged by CRA.
Upcoming dates to remember: T4 slips, RRSPs, income tax, and T1s.
While it appeared the taxpayer believed she was an independent contractor (evidenced, as an example, by her efforts regarding GST/HST collection), the Tax Court of Canada looked into several factors to find that the individual was an employee.
A September 11, 2018 Tax Court of Canada case examined the eligibility of a number of child care costs with a recreational and educational component. The taxpayer and his spouse worked full time and had two children, aged 10 and 12. The Court acknowledged two separate lines of cases related to eligibility of child care expenses (all informal and, therefore, not binding on CRA). The first set, argues that the definition of a “child care…
The CRA is aware that owner-managers have an incentive to receive benefits deductible by their corporation which are non-taxable to the owner. In essence, this can be perceived as a method to extract profits out of a corporation without paying tax on it. As such, CRA is particularly vigilant to ensure that these benefits comply with the Income Tax Act and do not confer unfair advantages on owners. To start off, it must be established…
CRA may grant relief from penalties and interest in cases where the timely satisfaction of a tax obligation was not completed due to: extraordinary circumstances;actions of the CRA; orinability to pay or financial hardship. In a March 31, 2016 Federal Court Judicial Review, the taxpayer appealed a decision by CRA to refuse relief on penalties and interest. In this case, the taxpayer argued that the CRA agent did not reasonably appreciate the taxpayer's financial difficulties.…
Prior to the summer of 2015, CRA often accepted copies of the U.S. tax returns, as support to claim a U.S. Foreign Tax Credit (FTC). The "Federal Account Transcript" was selected as alternative evidence the return provided to CRA was filed and assessed as filed. Some practitioners report that obtaining "transcripts" from the Federal Government, and State Governments in particular, can be onerous, often requiring a request from the client rather than a representative. Form…
A list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation (250-370-2191).
