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Tax Solutions Canada Blog

What Do I Do If I’ve Made a Mistake on My Taxes?

Correcting Mistakes on Tax Returns Filing your income tax returns can be complicated. There is a lot of different financial data and there are various ways to input the data. With all of these numbers and classes and details, it’s easy to make a mistake. Many people worry when they…

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New Filing Requirements for the Principal Residence Exemption

Reporting Rules for the Principal Residence Exemption Have Changed In Canada, if a property is your principal residence for every year that you owned it, you do not have to pay capital gains tax when you sell the property. In the past, you were not even required to report the…

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Subcontractors Can Sometimes be Employees

The Difference Between Subcontractors and Employees In today’s “gig economy” more and more people are working on a freelance or contract basis. Employers typically like to hire independent contractors for flexibility and because the employer doesn’t have to provide benefits, pensions, or withhold a portion of the money paid for…

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What Can I Claim as a Business Expense on my Taxes?

Claiming Business Expenses on your Income Taxes If you own a business, you likely know that you are able to deduct business expenses for tax purposes. According to the Canada Revenue Agency (CRA), you can deduct any “reasonable expense” that you paid or will have to pay in order to…

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When You Owe Money – CRA Collection Powers

tax debt

How the CRA Collects Tax Debt If you owe money to the Canada Revenue Agency (CRA) you might think that this debt is just like any other debt. Unfortunately, this is not true. Unlike other creditors, the CRA has very strong and very broad powers that it can use to…

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Canada Revenue Agency Looking Into PayPal Business Account Details

The CRA Orders PayPal to Provide Information About Business Accounts News broke recently that PayPal has been ordered by the Canada Revenue Agency (CRA) to provide information about its business account holders to the agency. PayPal received a Federal Court order requiring it to disclose to the CRA all information…

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Missed the Deadline to File a Notice of Objection? You Have Options

notice of objection

Extending Your Time to File a Notice of Objection Once you submit your income taxes to the Canada Revenue Agency (CRA) the agency will review them and then send you a Notice of Assessment. If the CRA later decides to reassess your taxes for any reason, it will send you…

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The Paradise Papers: International Income & The Voluntary Disclosure Program (VDP)

International Tax Havens and the Paradise Papers The Paradise Papers, a leak of 1.3 million records from offshore law firm Appleby and the corporate registries of 19 tax havens, show that roughly 3,300 Canadian companies, trusts, individuals, and foundations are named in the largest ever leak involving Canadians who keep…

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Employing Family Members, What You Need to Know for Tax Purposes

tax family

Taxes and Employing your Family Many small business owners employ their family members. This allows them to find employees without conducting a series of interviews, work with people they know and trust, and it also makes it possible to keep the business “in the family.” However, the Canada Revenue Agency…

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Preparing Yourself for a CRA Tax Audit

What Can You Do to Prepare for a CRA Tax Audit? The words “CRA Tax Audit” send shivers down many people’s spines. And, in most cases, there’s good reason. CRA audits are often intrusive, time-consuming, confusing and, depending on the outcome of the audit, costly. Individuals can be selected at…

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