Tax News

Advisor's Edge

There may be relief for delinquent T1135 filers

New case requires CRA to reconsider penalty for late reporting

By Jamie Golombek |June 18, 2018

3 min read

Tax News

CRA makes one change to Q3 interest rates

The prescribed annual interest rates for Q3 2018 will remain mostly unchanged, CRA said Thursday. The only change from the previous quarter is the interest rate for corporate taxpayers’ pertinent loans or indebtedness, which is down to 5.16% from 5.18% in Q2. Last quarter, CRA increased the rate for family loans for the first time […]

By Staff |June 14, 2018

1 min read

Industry

3 exceptions for deducting cross-border retirement plan contributions

Here's who qualifies for cross-border relief

By Jonah Ravel and Matt C. Altro |June 12, 2018

4 min read

Tax News

Things we learned from CRA at STEP Canada

Everyone's favourite session covered split income and trusts

By Melissa Shin |June 1, 2018

4 min read

Owner of tax business sentenced, fined for fraudulent returns

The owner of a Brampton, Ont.-based tax preparation business received a conditional two-year sentence and almost $100,000 in fines for preparing 100 fraudulent returns, CRA said in a release Thursday. The Ontario Court of Justice sentenced Ajay Sharma last month to the conditional sentence and three years of probation, as well as a $96,946 fine, […]

By Staff |May 3, 2018

1 min read

House flipping has tax consequences: CRA

If your client is considering flipping houses to benefit from strong prices, remind them of the tax consequences. Property flipping is when property owners, including real estate agents, buy and resell homes in a short period of time for profit, says CRA in a release. “This also includes buying and selling a property before its […]

By Staff |April 23, 2018

1 min read

CRA reminds business owners to collect GST

For business owner clients required to collect GST, failure to do so could have serious consequences. Read: CRA investigation leads to tax evasion sentence for B.C. developer In a release, CRA reminds that taxpayers convicted of GST evasion must still repay the full amount of taxes owing, plus interest and any civil penalties that may […]

By Staff |April 16, 2018

1 min read

Tax News

There may be relief for delinquent T1135 filers

CRA makes one change to Q3 interest rates

3 exceptions for deducting cross-border retirement plan contributions

Things we learned from CRA at STEP Canada

Tax penalties tied to real estate increasing in Ontario, B.C.

How U.S. personal tax changes affect estate planning

Owner of tax business sentenced, fined for fraudulent returns

House flipping has tax consequences: CRA

CRA reminds business owners to collect GST

Managing tuition tax trouble