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Blogs posted during February 2016

The CRA Will Reward You for Helping Uncover Offshore Tax Cheats

Did you know that the Canada Revenue Agency (CRA) has a program which offers a reward to individuals who help uncover offshore tax cheats? It is not illegal for Canadians to invest money or hold accounts offshore, but these income streams must be reported to the CRA. When someone does…

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Tax arrears, the CRA Late Filing Penalty and Bankruptcy

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If you owe money to the Canada Revenue Agency but don’t file on time, you will be charged a CRA late filing penalty. The CRA late filing penalty is 5% of your balance owing plus 1% for every full month that your return is late, up to a maximum of…

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Shareholder’s Liability – the Dangers of Non-Arm-Length Transfers

Non-arms-length transfers are transactions between individuals who are related by blood, marriage, common-law partnership or adoption. Non-arms-length transfers are generally not considered market value. In addition, these transactions do not eliminate shareholder’s liability. Tax liability for non-arms lengths transactions is discussed in Section 160 of the Income Tax Act. This…

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The CRA Taxpayer Relief Program: Reducing Interest and Penalties

The CRA taxpayer relief program is a program that can reduce or eliminate penalties or interest owed on income taxes. Through the CRA taxpayer relief program, you may also be able to work out a payment plan with the Canada Revenue Agency, however this does not happen very often. Even…

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Recognizing Tax Shelters Canada & Beyond

The tax shelters Canada has to offer may seem too good to be true – and they often are. What is a tax shelter? The Canada Revenue Agency considers a tax shelter to be an acquisition of property or gifting arrangement where the purchaser or donor represents deductions and tax…

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