The saga continues: Form T1135 – Reporting for 2014 and later tax years.
Filing nil returns to avoid penalties
Can taxpayers, by filing nil returns, avoid late-filing penalties and begin the beginning of the normal reassessment period? The CRA says ‘no’ in technical 2014-0519701I7. The CRA says that, even if it issues a notice of assessment in response to…
Informant Program
According to the CBC, the CRA’s offshore tax informant program has generated a “flood” of calls from would-be informants. Here is yet another reasons to do a voluntary disclosure sooner than later.
CRA Price Adjustment Clauses Update
The following article appeared in the June, 2014, issue of the Hamilton Law Association HLA Journal.
Lawyers who must draft price adjustment clauses (“PACs”) will want to read Income Tax Folio S4-F3-C1 (the ‘Folio’), which the CRA has issued and updated recently to replace the venerable Interpretation Bulletin IT-169. The following article discusses some of the Folio’s highlights.
New Folio on Arm’s Length
The CRA has published Income Tax Folio S1-F5-C1 (“Related persons and dealing at arm’s length”) to replace Interpretation Bulletin IT-419R2 (“Meaning of Arm’s Length”). It’s a must-read for those of us who must grapple with the arm’s length concept.
PAC Update
As noted previously on this blog, the CRA updated its Income Tax Folio S4-F3-C1 on price adjustment clauses (PACs) in January. I’ll probably do a longer post later on how this folio updates the CRA’s IT bulletin on PACs. For…
CRA Update of Principal Residence Folio
The CRA has updated Income Tax Folio Chapter S1-F3-C2, Principal Residence.
CRA Netfile Down
From Craig Burley’s Twitter feed today: CRA and Heartbleed: http://craigburley.com/?p=47. “Change your passwords” is the general advice. CRA website login services are shuttered for now.
Another tax fraud?
From the “Here We Go Again” file: according to an RCMP news release he RCMP’s Greater Toronto Area (GTA) Financial Crime team has arrested and charged six people after thousands of investors and the Government of Canada lost millions of…
T1135 News
The CRA has updated its information on the new T1135 reporting regime. For those of you with clients who hold foreign property through a Canadian brokerage account, take note of the following: Form T1135 excludes certain property from the detailed…