News and Media

Here are the Canadians most likely to get a tax audit this year

5th May 2017

Technically, everyone can be audited. However, the CRA tends to zero in on certain categories of taxpayers. Some elements of your tax return could also raise red flags and lead to an audit. According to Rotfleisch, you’re especially at risk if:

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Protect yourself from the taxman

1st May 2017

Any time a drab recycled paper envelope bearing the Canada Revenue Agency logo arrives in the mail, how many can truly say their heart doesn’t skip a beat before opening it up to discover the message?

Is it a Notice of Audit? A re-assessment? A refusal to a deduction made on your last tax return? Or — good news — acceptance of your return with a statement showing there is no tax owing...for now. 

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CRA reminds Canadians of tax obligations in sharing economy

23rd March 2017

The Canada Revenue Agency (CRA) is reminding Canadians of their tax obligations relating to the sharing economy, via a notice published on its website. “The sharing economy is a technologically fuelled way to consume and access property and services,” the CRA said. “In this economy, communities pool, loan, and share their resources through networks of trust.”

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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.

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