News and Media

Audits on large TFSAs ramped up

22nd October 2017

Canada's tax agency is taking a closer look at accounts with significant balances - and is considering other factors - to determine whether account holders should be deemed to be carrying on a business. 

Taxpayers who hold TFSAs with large asset balances may fall under the scrutiny of the Canada Revenue Agency (CRA) as part of its ongoing audit program for these accounts. A key concern for the tax agency is whether a taxpayer is carrying on the business of day trading, a determination that would lead the CRA to tax any income earned in the TFSA as business income.

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CRA investigation seeks information to identify B.C. condo-flippers

17th October 2017

The Canada Revenue Agency is casting a wide net in its investigation of condo presales, with court documents indicating the agency will seek "any and all correspondence, including emails," between all parties involved in the transactions, including developers, buyers and agents.

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Tax Views: Appealing tax assessments a long and expensive journey

21st September 2017

Taxpayer appeals to the Canada Revenue Agency (CRA) are the first step in resolving tax disputes following an assessment for taxes. The procedures are strictly controlled, the timelines are stringent and subject to technical issues of delivery of documents. 

There are three principal steps for resolving income tax disputes with the CRA. The first is to file a proper Notice of Objection. Although the mechanics of this step are fairly simple (identify the taxpayer, the assessment objected to, the years involved, and the reasons for the objection), it is important to set out the relevant provisions, and a brief statement of the reasons for the department to review. The scope of the Objection can become an issue in subsequent litigation.

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What to do if the Canada Revenue Agency reviews your tax return

10th August 2017

What is a review of your tax return?
The first thing you should know is a review is not an audit.

If the CRA tells you that your tax return is being reviewed, it is simply to ensure that the amounts you have claimed are reported accurately. 

Click here to read the ful article. 

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