What Should I do if CRA Arbitrarily Assesses My Tax Return?
Canada Revenue Agency’s (“CRA’s”) arbitrary tax assessment, commonly known as notional or involuntary assessment is when you have not yet filed your tax return by the required deadline, usually April 30th for individuals, or June 15th for self-employed people, and CRA completes an assessment on your behalf by estimating (guessing) your income. Such assessment is…
Have You Received a Letter from the CRA Regarding Business or Employment Expenses?
Have You Received a Letter from the CRA Regarding Business or Employment Expenses? Are you wondering why you received this letter and what it means? If so, you are not alone. In 2010, the Canada Revenue Agency (“CRA”) began a letter campaign to inform individuals about certain expenses they are deducting. For instance, one of…
What are Foreign Reporting Requirements for Canadian Taxpayers?
If you are a Canadian taxpayer including individual, corporation or trust, you are required to report any specified foreign property owned during the tax year if the cost base of all foreign property exceeds $100,000 at any point during the year, along with the income earned during the year from that property[i]. Such property includes…
Are you getting the full benefit from the new enhanced UCCB?
Effective January 1, 2015, the Universal Child Care benefit (“UCCB”) for children under the age of 6 increased from $100 to $160 a month, up to a maximum of $1,920 per year. Furthermore, there is a new benefit of $60 a month for children between the ages of 6 and 17, up to $720 per…
Lower Tax Rates for Self Storages Businesses May Be On the Way!!
Currently, Canadian-owned private corporations are entitled to a preferential tax rate of 15.5% on the first $500,000 of qualifying income from ‘active’ business income from a business carried on in Canada (subject to certain specific rules.) However, self-storage businesses and campgrounds have been determined to be “specified investment businesses”, which is generally a business whose…
