News and Media

Live at a tony address? Taxman targeting Canada's richest neighbourhoods to nab tax cheats

27th November 2017

Canada's tax agency has launched a project to hit Canada's wealthiest citizens where they live — literally.

The Canada Revenue Agency's Postal Code Project is targeting the wealthiest neighbourhoods in all regions of the country, those with gold-plated postal codes, where auditors will pore through the tax filings of every well-heeled resident, address by address.

Click here to read the full article. 

Court orders PayPal to give business account details to CRA

27th November 2017

The Federal Court of Canada has ordered U.S.-based PayPal to hand over details about its business account customers to Canadian tax authorities. The court order, obtained by the Canada Revenue Agency, forces the U.S.-based payment processing firm to release information about Canadians with PayPal business accounts who processed transactions between the start of 2014 and last Friday.

Click here to read the full article. 


Auditor General reveals, Canada’s tax agency blocks more than half of calls to meet performance standards and gives bad advice frequently

24th November 2017

The Canada Revenue Agency blocked more than half of the calls it received from Canadian taxpayers in order to obscure the performance results of its customer services division, and also accidentally provided incorrect information to a high number of callers, according to the Auditor General.

CRA call centres blocked 54 per cent of the 53.5 million calls it received from taxpayers between March 2016 and March 2017, according to a report released by the Auditor General of Canada Tuesday. The agency’s call centres are responsible for taking questions from Canadian taxpayers and businesses about their taxes, credits and benefits.

Click here to read the full article. 

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.

Click here to read the full article.