The CRA Will Reward You for Helping Uncover Offshore Tax Cheats

Did you know that the Canada Revenue Agency (CRA) has a program which offers a reward to individuals who help uncover offshore tax cheats? It is not illegal for Canadians to invest money or hold accounts offshore, but these income streams must be reported to the CRA....

Tax arrears, the CRA Late Filing Penalty and Bankruptcy

If you owe money to the Canada Revenue Agency but don’t file on time, you will be charged a CRA late filing penalty. The CRA late filing penalty is 5% of your balance owing plus 1% for every full month that your return is late, up to a maximum of 12 months. As you can...

The CRA Taxpayer Relief Program: Reducing Interest and Penalties

The CRA taxpayer relief program is a program that can reduce or eliminate penalties or interest owed on income taxes. Through the CRA taxpayer relief program, you may also be able to work out a payment plan with the Canada Revenue Agency, however this does not happen...

Recognizing Tax Shelters Canada & Beyond

The tax shelters Canada has to offer may seem too good to be true – and they often are. What is a tax shelter? The Canada Revenue Agency considers a tax shelter to be an acquisition of property or gifting arrangement where the purchaser or donor represents...