The Canada Revenue Agency (CRA) sends out letters every year to people it is going to audit. According to sources around 30,000 such letters are sent out every year and can scare some of the taxpayers who receive this dreaded communication.
The Canada Revenue Agency is monitoring social media posts of Canadian taxpayers who could be cheating on their taxes. The agency is now focusing on collecting and analyzing many kinds of data for its use, including information publically available online.
The Canada Revenue Agency’s snitch line has received a vast number of tips about suspected tax cheating and tax fraud cases this year. According to a report in CBC, the CRA received around 32,157 leads regarding suspected domestic tax cases in the 2017-2018 financial year. The CRA receives a similar number of tips every year according to sources.
Condo flipping tax and how the CRA cracks down on Condo flippers. The profits a taxpayer makes from flipping real estate are generally considered to be fully taxable as business income. The principal residence exemption does not apply to property flipping.
Here is everything you need to know about how cryptocurrency is taxed in Canada by the Canada Revenue Agency (CRA).
Canada 2019 Tax Season – Everything You Should Know. It’s the time of the year again when taxes are the most important thing on everyone’s mind. There are new rules this year that could impact people who attend post-secondary institutions, are entrepreneurs or use service animals.
Can business expenses be tax deductible if you no longer operate said business? According to an article in the Financial Post, some business expenses can be tax deductible even if the business doesn’t operate anymore.
As the Kickstarter Method of Pooling Sources Gains Rapidly, There Is One Piece of Advice That People Who Have Dealt With Crowd Funding Campaigns Have – Hire an Accountant.
New regulations by Canada Mortgage and Housing Corp (CMHC) have made it easier for self-employed Canadians, seeking to invest in a house, to get a mortgage.
Small business owners often face uncertainty when it comes to their tax strategy. What is the best way to deal with taxation such that the taxes don’t eat into your income and how should they plan their tax strategy.