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As a taxpayer, one should always be informed about one’s tax responsibilities. This includes filing tax returns on time, paying tax liabilities, checking all notices and mail received from the tax authorities, responding to those that require a response, and maintaining record of past years returns and other relevant documents for a certain period of time,...
The recent “Panama Papers” leak brought to light the offshore financial dealings of various well-known individuals around the world, including many Canadians. The Canada Revenue Agency (CRA) has decided to pursue these revelations to identify not only the Canadians involved in these activities but also whether these Canadian residents were using offshore havens to avoid...
Often taxpayers using a portion of their house, garage, or basement as a home-office are advised to claim a business expense tax deduction for the space used as office. However, it is always advisable to take into consideration a future sale scenario of the house as depreciation and re-capture rules may apply. Also, a common misconception is...
Not many taxpayers would be aware that they have the right to seek information from the Canada Revenue Agency (CRA) regarding their tax audit, or about details of an assessment done by the Canada Revenue Agency to understand if the Canada Revenue Agency made a mistake, or if a filed return was indeed wrong. Knowing...
Canada Revenue Agency (CRA) has denied almost every gifting tax shelter claimed in its audited tax returns due to inaccuracies in the claimed tax shelter. In fact, the CRA has decided to withhold owed taxes and refunds for all the tax returns that have claimed the gifting tax shelter and, having been granted to do...
In 2010, the U.S. government passed the ‘Foreign Account Tax Compliance Act’ (FATCA). This new compliance act requires any U.S. person, Resident (Green Card), or Non-Resident Alien, who meets the reporting thresholds for a specific tax year to disclose information regarding their foreign financial accounts and other foreign assets to the U.S Internal Revenue Service (IRS) (Also...
Often, when taxpayers receive mail from the Canada Revenue Agency (CRA), the first question that pops in anyone’s mind is “Why me?“(or they’ll simply avoid it) assuming it could lead to the ever-daunting audit. It is important for you, the taxpayer, to understand how the CRA approaches reassessment, and which actions tend to attract their...
The Income Tax Act gives the CRA broad powers to conduct a detailed review or audit of your income tax return, requesting additional information, either in support of a particular tax return that has been filed, or a request to file a tax return. The telephone call can signal the beginning of a stressful time...
Are Your SRED Claims being audited by the CRA? Are you concerned that your claim may be disallowed or your refund amount reduced? AG Tax Chartered Accountants have helped countless clients to resolve their SRED tax refund issues with the CRA. There has been increased CRA scrutiny of SRED claims in the past year. Part of the reason lies...
Well you made it… Your taxes have been filed on time. It looks good. BUT that was a while ago and you have just received a call or notice from the CRA that you are being audited. You may be worried and uncertain about what to expect. First, it is part of the mandate of the...
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