SimpsonWigle Law LLP Tax News

It’s not often that a CRA audit makes headlines: Canada Revenue probe focuses on some RBC DS clients.

The CRA is attempting to hunt down store owners who install software that “suppresses” records of cash sales made through a cash register. Maybe that’s an argument for making a voluntary disclosure now. Visit the taxman before he visits you.

In a post I wrote about a year ago, I complained about the CRA’s then-recent pronouncements on control premiums. The CRA, at the most recent Canadian Tax Foundation BC Conference, recanted this position, at least in part, as follows: (more…)

The so-called “civil penalties” in section 163.2 of the Income Tax Act (Canada) have been with us since 2000. We learned today that the CRA has imposed the penalties in 24 cases to date and that it is considering whether to impose the penalties in another 100 cases.

Unfortunately, with the experience I have working with the CRA, it is only too easy for me to imagine how this might happen: ‘Revenue Canada refuses to pay for million-dollar mistake‘. Wow.

No doubt some taxpayers believe that the CRA is corrupt, but the truth is that most CRA personnel are dedicated and professional civil servants. On the other hand, it’s not necessarily lily-white either.

The CRA recently issued revised versions of a number of forms and publications, including the T2057 and the “T4001 Employers’ Guide – Payroll Deductions and Remittances”.

“Did you know… That you should notify the Canada Revenue Agency (CRA) when directors of your corporation change?” (more…)

The CRA’s Information Circular IC 76-19R3 sets out its position on the procedures for correcting T2057s (the form used for elections under section 85 of the Income Tax Act (Canada)). In effect, the Circular identifies two types of mistakes.

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The CRA has taken to posting answers to frequently-asked questions about government goodies (aka Easter eggs hidden in the Income Tax Act). It has posted a useful guide to the new tax-free savings account proposed in the last budget.