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Blogs posted during February 2014

The 2 Most Common Ways to Lose Your Opportunity Under VDP

The Voluntary Disclosure Program is an official program offered by CRA where a taxpayer can come clean about undeclared income and past due returns with no penalties and much reduced interest. Failing to declare income or failing to file tax returns is a criminal offence. In addition to prosecution, fines…

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Can I Object to a Tax Assessment Based on the Tax Return I Filed Myself?

The idea of objecting to CRA’s Tax Assessment based on the return that you filed yourself sounds strange doesn’t it? You provided the information, so then why would you have a reason to object to the return? When you file your return, CRA may have some other information on their…

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Flipping Condos in Toronto Has Become a Dangerous Prospect

Over the past decade, the condominium real estate market in Canada has been an excellent investment in major city centres like Toronto. The business of flipping condos in Toronto is lucrative with some people purchasing condos pre-construction and then selling as soon as the condo is built (or even before),…

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Charity Tax Scheme Objection 101 – What You Can Do if an Objection Has Been Held in Abeyance Forever

In recent years those who have participated in “creative” charity schemes (whether they realized it or not) have come under major scrutiny by CRA. CRA has been systematically auditing and re-assessing taxpayers in this regard over the past 8-10 years and penalties under these circumstances are severe. If CRA audits…

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