News and Media

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.


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Real estate authorities build anti-money laundering network

April 2019

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.

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The CRA is cracking down on aggressive manipulation of TFSAs and all other registered plans

5th October 2018

You could face a 100 per cent penalty tax on the fair market value of any 'advantage' that you receive. 

There are several anti-avoidance rules in the Income Tax Act to prevent abuse and manipulation of all registered plans, including not only TFSAs, but also RRSPs, RRIFs, RESPs and RDSPs.

As Canadians, we sure do love our TFSAs. The ability to earn tax-free investment income and gains for life, coupled with the flexibility to withdraw funds, tax-free, at any time and for any purpose and then recontribute the amounts withdrawn in a subsequent year, make these savings vehicles a favourite choice among millions of taxpayers.


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The CRA is tracking alcohol sales to nail tax dodging bars and restaurants

4th October 2018

Look out, bar and restaurant owners: The taxman is quietly tracking how much alcohol you buy. The Canada Revenue Agency says the data on beer, wine and liquor purchases helps it clamp down on tax dodging in a sector it claims is ripe for it.

"The restaurant industry has been identified as a high-risk sector," the CRA said in a statement. 

"The cash-based nature of the food and beverage sector, in addition to the growing use of electronic sales suppression software within this industry, make it an ongoing area of tax non-compliance concern."

The tax agency obtained a court order earlier this year allowing it to compel Ontario's Beer Store to hand over records on every bar, pub, restaurant, nightclub and banquet hall in Ontario licensed to buy commercial quantities of suds.

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