by BateMac | Jul 26, 2018 | Blog
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by Vinay Khosla, M.Acc., CPA, CA | Jun 28, 2018 | Blog, Personal Tax Advice
The Canada Revenue Agency’s (CRA) tax audit program brings in hundreds of millions of dollars in taxes every year. In 2016, the federal budget added $444 million over five years for the CRA to prevent tax evasion and improve tax compliance. The 2017 federal budget...
by Vinay Khosla, M.Acc., CPA, CA | May 20, 2018 | Blog
The weeks immediately following a tax deadline are a high traffic time for fraudulent Canada Revenue Agency (CRA) phone calls and emails. These communications usually refer to unpaid taxes that must be paid immediately or severe punishment will follow. Some...
by Vinay Khosla, M.Acc., CPA, CA | Apr 19, 2018 | Blog, General Tax Advice
Prior to 2016, reporting the sale of a principal residence was not required on your personal income tax return. With increased CRA scrutiny in this regard, sales of principal residences must now be reported or you could be assessed penalties of as much as $8,000. If...
by Vinay Khosla, M.Acc., CPA, CA | Apr 16, 2018 | Blog
How does an audit work? In 2016-2017 alone, there were over 20,000 small and medium enterprise audits conducted by the Canada Revenue Agency. Companies can be audited for any number of reasons including reviewing the financial information you have submitted to the CRA...
by BateMac | Apr 2, 2018 | Accounting Services, Advice for Business Owners, Blog, General Tax Advice, Personal Tax Advice, Your Business Need
BETWEEN THE NUMBERS 2018 Ontario Budget Overview – What you Need to Know The Provincial Government’s 2018 budget was tabled on March 28, 2018. The budget anticipates a surplus of $.6 billion for 2017-2018 followed by deficits of $6.7 billion and $6.6 billion for...
