News and Media

7 myths to stop believing about the taxman

13th March 2017

Do you think the CRA is just a book keeping department of the federal government that quickly processes tax returns? If so, then you’ll be surprised to learn that the CRA has far reaching powers that can do a lot of damage to your bottom line if you don’t follow Canada’s tax rules. If you want to really understand what the CRA can and can’t do, tax specialist and author Paul DioGuardi helps us bust some myths.

1. Nobody ever goes to jail for not filing a tax return. It’s just a scare tactic to get people to pay up.
FACT: People go to jail. Sentences are a maximum of two years for each summary conviction, and up to five years for each conviction or indictment.

Click here to read the full article. 

What the CRA can and can’t do with your data and social media accounts

11th March 2017

According to Facebook, you’re doing just great. We all just learned that you bought a brand new Mustang. And there are countless pictures of you strolling on sandy beaches. Your tax return, however, paints a different picture. To the CRA, you’re saying you’re only making $20,000 — barely scraping by.

That discrepancy between “Facebook you” and “tax return you” may be part of your undoing in a tax audit.

Click here to read the full article. 

CRA expects to track down $400-million in tax crackdown

24th February 2017

Canadian tax authorities expect to track down $400-million this year they say are owed as part of a campaign to crack down on tax evasion by big international companies and wealthy individuals, particularly those using offshore tax havens, a top official says.

The Liberal government provided extra cash to the Canada Revenue Agency in last year’s budget to pursue wealthy tax cheats. The agency is “ahead of plan” in terms of hitting its target, says Ted Gallivan, assistant commissioner at CRA’s compliance programs branch.

Click here to read the full article. 

7 ways the tax man is watching you

17th February 2017

Whether it’s through a photo on social media or a casual conversation with a friend, the Canada Revenue Agency is always watching and listening. And their investigators will pursue you tirelessly if they think you’ve been lying on your tax return. Their subject of choice? These days, it’s anyone and everyone.  “We always think it’s only the rich who the tax man is interested in but it’s the little fish they like the best,” says Paul DioGuardi, a senior tax lawyer and author of The Taxman is Watching. “The Internet is becoming a favoured weapon for the CRA to find and analyze all kinds of data so they can watch people they think are cheating on their taxes.”

Here’s five ways the CRA may be watching you that you probably weren’t aware of.

Click here to read the full article. 

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