Life is easier for a tax adviser if a client has access to his or her “My Account“, not least because the client can add the adviser as an authorized representative quickly and easily. (In fact, the CRA is making…
Filing elections electronically
The CRA has made the T217, T2 Sch 89 and T2054 available for electronic filing. The T2057, T2058 and T2059 will be available online by March 1, 2023. The remaining election forms will be digitized over the next few years,…
Audits
The federal government, stung perhaps by the charge that it goes after little fish (who can’t defend themselves) rather than the big fish (who can afford high-priced talent), has announced a significant expansion of the CRA’s audit capabilities for “suspected…
CRA Response
The CRA has responded to some Bad Press regarding the KPMG case, which I wrote about yesterday.
Secret deal for shelter participants
From the “what the hell were they thinking” file: the CBC reports that the CRA offered VD treatment (no prosecution, no penalties) to high net-worth participants in an offshore tax shelter marketed by KPMG. I wonder what change in policy…
Valuation presentation
Summary of “Business Valuation—CRA and Professional Advisor Perspectives”, a presentation given by Mark DeMarco, Team Leader, Business Equity Valuations Unit, Toronto Regional Valuations Unit, to a workshop held by The Canadian Institute of Chartered Business Valuators in Toronto on December 2, 2015.
Collections scam
I have heard recently about a number of taxpayers who received voicemail messages purporting to be from the CRA. The caller left a message threatening the seizure of assets or the immediate imposition of criminal or severe civil sanctions if…
Crooked preparer jail
I’ve complained before about crooked preparers who file false expense or donation claims for (sometimes) clueless taxpayers. The taxpayers get the refund, pay the preparer’s fee (which is often pretty generous) and then are reassessed for the bogus claims (with…
CRA charity nonsense—it’s insidious
Craig Burley is Unhappy about a recent CRA advisory on registered charities and partisan political activities, which advisory includes the following gem: When a charity invites comments on its website, blogs, or on social media, it should monitor them for…
The CRA on crowdfunding
From technical interpretation 2015-0579031I7: Depending on the facts and circumstances, monies received by a taxpayer under a crowdfunding arrangement could represent a loan, capital contribution, gift, income, or a combination thereof. However, since the terms and conditions of these types…