Have foreign property? The CRA issues harsh penalties if you don’t file this form
12th July 2019
If you own foreign property whose total cost exceeds more than $100,000 at any point in the year, you must complete Form T1135, Foreign Income Verification Statement, and file it along with your annual income tax return.
When we think of foreign property, our minds may turn to that offshore Swiss bank account or, perhaps, a Florida rental property. But, believe it or not, a T1135 must be filed if you own foreign stocks, such as Apple Corp., Ford Motor Co. or Bank of America, in your Canadian, non-registered brokerage account.
How big property owners are manipulating B.C. Assessment’s appeals process
8th July 2019
U.S. Congressional testimony has said that Donald Trump “inflated assets when it served his purpose and deflated his assets to reduce his real estate taxes.”
Why should anyone in B.C. care? This is common practice for B.C.’s big property owners as well. Under-assessed mega-properties are shifting property taxes to smaller commercial and residential taxpayers.
Audit Data Analytics creating a revolution in Canadian auditing
4th July 2019
Technology’s ability to gather and process information has never been greater, with increasingly comprehensive and complex streams of data generated from all areas of an organization. However, producing data is only useful if it can be used to improve decision making, whether those choices are strategic, financial or operational in nature.
Minister of National Revenue releases fifth report in tax gap series
18th June 2019
The Government of Canada committed in 2016 to calculate the tax gap, fully recognizing that it would help it better target its compliance activities and ensure a tax system that is fair to all Canadians. Today, the Honourable Diane Lebouthillier, Minister of National Revenue, announced the release of the fifth report in the tax gap series. Canada is part of a select group of countries that estimate their tax gaps, including the United Kingdom, the United States, and Australia.
Real estate authorities build anti-money laundering network
On April 9, the two real estate regulators – the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Real Estate Council of British Columbia (RECBC) – announced that they have entered a memorandum of understanding (MOU) in an attempt to prevent money laundering in the real estate industry in BC.
The MOU allows them to share compliance-related information – which will help facilitate legal actions against money laundering, particularly in the real estate sector, in accordance with the Proceeds of Crime (Money Laundering) Act and the Terrorist Financing Act.
We must lower income taxes on the lower and middle classes
16th June 2019
The income tax is one of the single greatest burdens on Canadian families. While a lot of talk goes into “taxing the rich”, not much goes onto “not taxing the common man.” Thus, we must lower taxes on everyday Canadians, and surprisingly, this is something Conservatives and the NDP agree on.
Canada has a progressive marginal taxation system. This means people on the lower end of the socio-economic strata pay less as a percentage of their income than those at the higher end.
Canada Revenue Agency is tough on regular taxpayers but goes easy on those with offshore accounts, audit finds
22th November 2018
The tax man goes easy on wealthy Canadians with offshore bank accounts while being harsh on regular taxpayers, according to a damning report made public by the federal auditor general Tuesday.
Wealthy tax cheats are given more time to find receipts and they get their interest and penalties waived, even if they didn’t ask for it.