News and Media

Personal Investor: CRA cracking down on TFSA ‘winners’

22nd June 2017

The “tax free” part of the tax free savings account could be in question for Canadians with hyper-active TFSAs.

The Canada Revenue Agency (CRA) has revealed it has been reviewing millions of dollars in tax savings from traders who might be considered businesses. TFSAs were introduced nearly a decade ago to allow individual Canadians to invest and not have to pay any tax on the gains. As the total limits on TFSAs grow there are concerns professional investors are using their TFSA’s as a tax dodge.

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Feds scrutinize real estate deals for tax compliance

19th June 2017

The federal government is stepping up its scrutiny of real estate deals in a crackdown on tax cheating, the Canada Revenue Agency (CRA) reported last Friday in a news release.

The enhanced enforcement focused on the Greater Toronto and Greater Vancouver real estate markets, where speculative activity appeared to be on the rise. Auditing that occurred between April, 2015, and March, 2017, saw the CRA review 21,000 files based on non-compliance risk. This uncovered unreported assessed income in excess of $329.4 million and resulted in more than $17 million in penalties that were largely concentrated in the Greater Toronto and Greater Vancouver real estate markets.

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What you need to know about coming clean with the taxman

16th June 2017 

If you’ve ever omitted some income from your tax return or perhaps claimed expenses that you knew were not entirely legit, you may be interested in proposed changes announced last week to the Canada Revenue Agency’s Voluntary Disclosure Program (VDP). The VDP allows taxpayers to voluntarily come forward and correct previous tax filing errors without penalty or fear of prosecution. The tax would still be owing, along with either some (or all) of the arrears interest.

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Congratulations Melisa

24th May 2017

This month we celebrate the 10 year work anniversary milestone of Account Manager, Melisa Ouw. Having worked in each of our offices, across three countries, Melisa is certainly a team player with a wealth of knowledge. Congratulations Melisa!