Archive for the 'CRA News' Category

Audit headlines

Monday, December 14th, 2009

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

Zapper

Monday, November 9th, 2009

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.

Valuation redux

Thursday, October 8th, 2009

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…)

Civil penalties

Wednesday, June 10th, 2009

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.

Nightmare

Friday, May 8th, 2009

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.

Corrupt

Wednesday, April 8th, 2009

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.

New forms

Wednesday, February 18th, 2009

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”.

“Tax tip”

Tuesday, December 2nd, 2008

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

Correcting 85 Election Forms

Friday, April 25th, 2008

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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Tax-Free Savings Accounts

Saturday, March 29th, 2008

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.


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