CALL TODAY 1-888-868-1400

Tax Solutions Canada Blog

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…

...

Read More

The CRA Cracks Down on Presale Condo Flips in Toronto and Vancouver

condo flipping

Pre-construction Condo Flips Being Investigated as Part of a Crackdown on Tax Evasion The Canada Revenue Agency (CRA) is currently analyzing thousands of preconstruction condo sales in Toronto and is requiring condo developers in Vancouver to provide information about buyers who sold units before buildings were completed. This is part of…

...

Read More

Taxes and Real Estate Investment in Canada

What Real Estate Investors Need to Know About Taxes Real estate can be a very good investment and it’s one that many Canadians choose. Not only can a person earn money by renting out their properties, but real estate tends to appreciate over time, leaving you with a good long-term…

...

Read More

Canada’s New Residential Rental Property Rebate: What You Should Know

Claiming the New Residential Rental Property Rebate in Canada When a person purchases a new residential rental property in Canada, you have to pay Goods and Services Tax (GST) or Harmonized Sales Tax (GST) on the sale. However, there is a rebate available to landlords who purchase a new residential…

...

Read More

Outlining Upcoming Changes to the CRA Voluntary Disclosure Program

Changes Coming to the CRA Voluntary Disclosure Program The Canada Revenue Agency (CRA) is making changes to the Voluntary Disclosure Program (VDP). The changes are designed to tighten the program to ensure that “those who break the law face the consequences of their actions,” in the words of the federal…

...

Read More

Tax Tips for the Self-Employed

Canadian Income Taxes when you’re Self-Employed Being self-employed comes with many benefits. You can set your own hours, take on projects you want and, when it comes to income taxes, you might even be able to write off some of your expenses. However, while there are a lot of advantages,…

...

Read More

When the CRA is Demanding Payment

What Should You Do if the Canada Revenue Agency Demands Payment? It’s usually a scary situation when the Canada Revenue Agency (CRA) contacts you demanding payment. There are many reasons why. One is that, if they’re getting in touch to ask for money, it might be a lot of money…

...

Read More

What To Do If You Get a CRA Notice of Reassessment

How to Respond to a Notice of Reassessment You are responsible for providing correct information to the Canada Revenue Agency (CRA) when you file your tax returns. When the CRA completes its review of your submitted tax filing, it will send you a Notice of Assessment. However, the CRA can…

...

Read More

What The Voluntary Disclosure Program Changes Will Mean

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…

...

Read More

Do I Qualify for the New Residential Rental Property Rebate?

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…

...

Read More