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Blogs posted during May 2015

Need to Know for Small Business Taxes: TSC’s Director James Bell Weighs In

Small business owners: are you ready for the June 15th deadline? Last week, Tax Solutions Canada’s Director, James Bell, spoke with the Globe and Mail’s Kira Virmond and offered some advice to small business owners with the tax deadline right around the corner. Even if all receipts are in line and…

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True or False: Many Years of Late Filing Tax Returns = Prison

True or false: many years of late filing tax returns = prison? The answer to this is true… Tax evasion typically involves deliberately ignoring a specific part of the law. For example, those participating in tax evasion may under-report taxable receipts or claim expenses that are non-deductible or overstated. They…

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Avoiding Aggressive Accountants: If It Sounded Too Good To Be True, It Probably Was

Accountants and tax preparers are human. Like all professionals, there are good accountants and bad accountants. This article is about bad accountants – not those who are sometimes careless, late, incompetent or not up to date. This is about aggressive accountants who think they will be heroes if they drive…

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How to Combat Gross Negligence Penalties

Scenario: CRA has gathered information, through a tax audit or any other proper process, and issues you an assessment. The tax and interest (compounded daily) is bad enough, but then you really get the punch in the gut when you see they have assessed a gross negligence penalty. Now what?…

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How to Choose a Tax Lawyer, Tax Accountant or Other Tax Professional

When Canada Revenue Agency (CRA) has a question, it can come at the taxpayer in many different ways. For example: CRA can telephone and ask you questions (these calls may be recorded). CRA can write to you and request additional information, demand returns be filed, etc. CRA can arrive, with…

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CRA Blunder Means Extended Tax Deadline

According to the Globe and Mail, those of us who have left filing our income taxes to the last minute – or think that since the “deadline” has passed that we are already late, take a breath! A CRA blunder means the deadline has been pushed to May 5th, and…

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