News and Media

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.

Click here for the full article. 

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.

Click here to read the full article. 

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!

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:

Click here to read the full article.

CONNECT WITH ACCOUNTANCY INSURANCE

PROFESSIONAL ASSOCIATIONS





 

 

 

CLIENT SUPPORT

AUDIT SHIELD LOGIN