CALL TODAY 1-888-868-1400

Tax Solutions Canada Blog

Is House Flipping Considered Capital Gains or Business Income?

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…

...

Read More

Protecting Yourself Against “CRA” Scams

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…

...

Read More

What is Tax Evasion in Canada?

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…

...

Read More

Can You Negotiate with the Canada Revenue Agency?

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…

...

Read More

What is “Tax Fraud”?

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…

...

Read More

What Does a CRA Notice of Assessment Mean?

Understanding a CRA Notice of Assessment You will receive a Notice of Assessment when the Canada Revenue Agency (CRA) receives and processes your tax return (or if the CRA files your return for you). The information listed on the Notice of Assessment includes: Contact information Statement date and tax year…

...

Read More

Haven’t Paid Taxes in Years? What To Do

How to Deal with Back Taxes There could be many reasons why a person wouldn’t have paid their taxes for several years. You could owe a lot of money and not be able to afford to repay it, you might have forgotten to pay, you may not have filed your…

...

Read More

How to File Previous Years Tax Returns In Canada

Information on How to File Previous Years Tax Returns in Canada For one reason or another, you may not have filed you tax returns when you were supposed to. You may have forgotten, you may not have realized that you needed to file a return, or you may have intentionally…

...

Read More

The CRA’s Collection Power

How the Canada Revenue Agency Collects Tax Debt If you owe tax money to the Canada Revenue Agency (CRA), you may consider it like any other debt, such credit card debt or a car loan. However, it’s important to know that the CRA has collection powers that are much stronger…

...

Read More

What If You Owe More in CRA Tax Debt Than You Can Repay?

Dealing with a Large Tax Debt If you’re about to file your taxes and you realize that you’re going to owe more than you can afford to repay, you might be tempted to not file at all. This won’t help you. The CRA will charge you a late filing penalty…

...

Read More