News and Media

CRA reminds Canadians of tax obligations in sharing economy

23rd March 2017

The Canada Revenue Agency (CRA) is reminding Canadians of their tax obligations relating to the sharing economy, via a notice published on its website. “The sharing economy is a technologically fuelled way to consume and access property and services,” the CRA said. “In this economy, communities pool, loan, and share their resources through networks of trust.”

Click here to read the full article. 

7 myths to stop believing about the taxman

13th March 2017

Do you think the CRA is just a book keeping department of the federal government that quickly processes tax returns? If so, then you’ll be surprised to learn that the CRA has far reaching powers that can do a lot of damage to your bottom line if you don’t follow Canada’s tax rules. If you want to really understand what the CRA can and can’t do, tax specialist and author Paul DioGuardi helps us bust some myths.

1. Nobody ever goes to jail for not filing a tax return. It’s just a scare tactic to get people to pay up.
FACT: People go to jail. Sentences are a maximum of two years for each summary conviction, and up to five years for each conviction or indictment.

Click here to read the full article. 

What the CRA can and can’t do with your data and social media accounts

11th March 2017

According to Facebook, you’re doing just great. We all just learned that you bought a brand new Mustang. And there are countless pictures of you strolling on sandy beaches. Your tax return, however, paints a different picture. To the CRA, you’re saying you’re only making $20,000 — barely scraping by.

That discrepancy between “Facebook you” and “tax return you” may be part of your undoing in a tax audit.

Click here to read the full article. 

CRA Targeting Servers At High-End Restaurants

3rd January 2017

People who work in the restaurant business are on edge these days as Canada Revenue is said to be bearing down on some of the higher-end restaurants in metro.

Servers and others in the hospitality industry are compelled by law to declare their tip money as income, but every once in a while Canada Revenue will audit restaurants and some of their employees. Luc Erjavac, the Atlantic director of Restaurant Canada, says the hospitality industry is like any other in that any and all income has to be declared.

Click here to read the full article. 

CONNECT WITH ACCOUNTANCY INSURANCE

PROFESSIONAL ASSOCIATIONS





 

 

 

CLIENT SUPPORT

AUDIT SHIELD LOGIN