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Learn about the different methods that many Canadian individuals and businesses have leveraged to successfully reduce or eliminate penalties and interest owing on their tax debts.
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The Affect of Voluntary Disclosure Program Changes If you haven’t heard yet, the Canada Revenue Agency (CRA) is making Voluntary Disclosure Program changes that will seriously affect the future of the program. In June 2017, the CRA announced proposed Voluntary Disclosure Program changes and opened up online consultations regarding these…
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Qualifying for the New Residential Rental Property Rebate Owners and landlords of new residential properties may be eligible for a rebate on the GST/HST paid on the property. This is called the New Residential Rental Property Rebate (NRPR) and you must apply to receive this rebate from the Canada Revenue…
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What Tax Do You Pay When You Flip a House? Flipping a house (buying a home, renovating it, and reselling it) can make you quite a lot of money, with the right renovations and in the right real estate market. However, unless a property is considered your primary residence, you’ll…
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Be Aware of Scammers Pretending to be the Canada Revenue Agency It’s only natural that you might panic if you got a phone call from someone claiming to be from the Canada Revenue Agency saying you owe money. After all, the CRA is a powerful agency with broad collection powers…
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Explaining Tax Evasion in Canada Tax evasion is when you do not file tax returns as you should, do not fully and accurately declare your income, when you hide income, or if you claim expenses and tax credits you are not entitled to. Canada Revenue Agency (CRA) auditors are required…
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Negotiating with the CRA If you owe tax debt and the Canada Revenue Agency (CRA) comes calling, the best step is to pay what you owe in full. The CRA will not forget about you. It may not have contacted you until this point but, now that it has, this…
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Understanding Tax Fraud in Canada Tax fraud is purposely failing to disclose income in order to evade taxes or qualify for government-funded social benefits. Tax fraud can come in many forms. Not declaring income from record-free cash transactions can be consider tax fraud, as can not declaring all income, not…
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