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Blogs tagged with tax evasion

Failing to File: How This Could Lead to a Tax Evasion Charge

Each and every year, thousands of regular Canadians are prosecuted under the Income Tax Act, convicted of tax evasion and other tax-related offences, and find themselves in jail, sitting with hefty tax fines, or both. May of these are posted publicly on the CRA’s website. Don’t believe us? Here are…

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Canadians being investigated by CRA for Tax Evasion – Are You at Risk?

Back in April 2016, the world was shocked by the release of the ‘Panama Papers’ – a leak of more than 11.5 million documents which detailed confidential financial and attorney–client information for more than 214,488 offshore entities. The leaked documents were created by Panamanian law firm Mossack Fonseca, with some…

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Time is Running Out: CRA to Toughen Up Voluntary Disclosure Program

For years now, the Voluntary Disclosure Program has been an important resource for Canadians looking to become tax compliant. Those who have fallen behind or made incorrect claims/statements on their income taxes can approach the CRA voluntarily in the hopes of avoiding penalties and interest. However, according to a report…

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Offshore Tax Evasion – Are You at Risk?

While many still deal with the repercussions of the Panama Papers scandal, it is no surprise that offshore tax evasion continues to make reoccurring appearances in the media. If you are involved in any form of offshore tax shelter, often considered tax evasion by the Canada Revenue Agency, you may…

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CRA Cracks Down on Tax Evasion with the Informant Leads Program

There has been a great deal of discussion over the last few months surrounding the government’s commitment to cracking down on tax evasion and their efforts through the Informant Leads Program. Tax evasion is a crime in Canada, one prosecuted often and carrying hefty monetary fines and sometimes even jail…

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True or False: Many Years of Late Filing Tax Returns = Prison

True or false: many years of late filing tax returns = prison? The answer to this is true… Tax evasion typically involves deliberately ignoring a specific part of the law. For example, those participating in tax evasion may under-report taxable receipts or claim expenses that are non-deductible or overstated. They…

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Avoiding Aggressive Accountants: If It Sounded Too Good To Be True, It Probably Was

Accountants and tax preparers are human. Like all professionals, there are good accountants and bad accountants. This article is about bad accountants – not those who are sometimes careless, late, incompetent or not up to date. This is about aggressive accountants who think they will be heroes if they drive…

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Notionally Assessed? You Still Need to File Voluntarily

Many people who decide to delay filing a tax return think that as long as they have not filed they do not owe and so CRA will not come after them. This is one of the most dangerous misconceptions that lead so many people into a world of pain with…

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Tax Evasion Tip: Working for Cash? Get to CRA Before They Get to You

Working for cash and thinking because it’s cash and there is no paperwork you’re all good? Think again – particularly as it relates to sub-contractors, people in the construction trades, waiters and waitresses, or any industry where cash businesses is common (repairmen, auto body shops, service industry). Often these individuals…

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CRA Prosecutions – Over 80 People Already Convicted by CRA in 2014!

Anyone who thinks a CRA prosecution will not happen to them needs to take off the rose-coloured glasses. Fact: CRA prosecutes people for tax evasion and is often successful obtaining convictions. On top of penalties and interest that CRA assesses when they determine that someone has evaded their taxes, if…

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