Unhappy Returns? the CRA Interprets Subsection 220(3) of the Income Tax ActFitzsimmons, Timothy
The Canadian Income Tax Act (ITA) was enhanced to incorporate the Foreign Account Tax Compliance Act (FATCA) in 2014 and the Common Reporting Standard (CRS) in 2017. The ITA describes the due diligence and reporting obligations that arise by virtue of t
such taxpayer may, within one year after receiving such notice or such longer period as is acceptable to the CRA, cause each covered worker to be paid the “top-up” amount. The “
The Department of Finance announced 3 changes to the Canadian Income Tax Act on Tue July 18. CRA Net Worth Audits CRA is making more use of indirect tax audit techniques, including net worth tax audits. New GST/HST Rules for Ride Sharing ...
Need an income tax lawyer in Toronto? Taxpage's Rotfleisch & Samulovitch can solve your CRA tax issue. Our Toronto tax lawyers have over 25 years of experience.
The CRA has the legislative authority to waive or cancel penalties, in whole or in part, on a voluntary disclosure. The pertinent legislative provisions can be found in: –subsection 220(3.1) of the Income Tax Act –section 88 of the Excise Tax Act ...
Income tax: Is there a CRA T2 schedule or line # where I can declare capital gains as non-taxable income (cash received)? I appreciate it if you can offer me some guidance. Thanks. superAmin July 13, 2015 at 4:04 pm Hi Balvant, Thanks for your question. If the cash that MyCorp...
Clarification on the use of form T1013 from the CRA:. 8220;The CRA takes the protection of Canadians’ tax information very seriously. The confidence and trust that individuals and businesses have in the CRA is a cornerstone of Canada’s tax system. The purpose of Form T1013 Authorizing or...
Small business tax rate of 10%; General corporate tax rate of 15%; and, Active earnings greater than $500k. This table shows the federal tax penalty only. The penalties will be much higher if the provinces follow. For example, let’s say that your corp has $80k in passive income which...
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