Jeopardy Game: What is CRA? The Canada Revenue Agency (CRA) (formerly Revenue Canada under the Federal Identity Program) is a federal agency that administers tax laws and collects money for the Government of Canada and for most provinces and territories, international trade legislation, and various social and economic benefit and incentive programs delivered through the …
Look for CRA to continue to claw back any tax credits such as disability or Child Tax Benefits. The government of the day has sic’ed their bloodhounds to go wherever there is money to get. There are no hold barred in their fight with Canadians to get as much as they can. The movement to …
This is where CRA discusses issues they have with how CRA interacts with industry. December 1 2014 Highlights from the Toronto Centre CRA & Professionals Group Breakfast Seminar (Objections and Appeals) – November 6, 2013 Shaira Nanji Posted on Nov 7th, 2013 By Shaira Nanji Categories: Appeals, Asssessments, Canada Revenue Agency, Notice of Objection, Penalties …
Can a person deduct lost income as a loss? Credit for the article goes to lawyer Bill Innes Martin v. R. – TCC: The taxpayer’s appeal dismissed – the Income Tax Act does not insure against financial disaster. http://decision.tcc-cci.gc.ca/tcc-cci/decisions/en/item/72187/index.do Martin v. The Queen (June 19, 2014 – 2014 TCC 200) was a decision based on …
If you had a business investment loss this year, you can deduct 1/2 of the loss from income. If you had a business investment loss this year, you can deduct 1/2 of the loss from income. The amount of the loss you can deduct from your income is called your allowable business investment loss (ABIL). …
Bitcoins are digital currency that is created when computers compete to solve mathematical problems and the successful ‘miner’ is rewarded with a block of new Bitcoins. Bitcoin’s decentralized network has been programmed to release 21,000,000 Bitcoins at a progressively slower rate with the size of each batch dropping by half approximately every four years. The …
In CRA’s view, on whether digital currency, including Bitcoins, are considered “specified foreign property” under the foreign property reporting rules in section 233.3 of the Income Tax Act. Under the foreign property reporting rules in the Income Tax Act, if a Canadian taxpayer owns certain foreign property the aggregate cost of which exceeds $100,000 CDN, …
The Bankruptcy and Insolvency Act, (the ‘Act’), sets out the eligibility requirements to file an Assignment in Bankruptcy in Canada. Those requirements are as follows: 1. Applicant must not be an un-discharged bankrupt. * This refers to the fact that a person who is (presently) bankrupt in Canada or elsewhere cannot file a subsequent bankruptcy …
If your tax problem seems so bad that you are considering Bankruptcy or a Debt Proposal? Please contact us before you do anything drastic. In many cases there are ways around this or at least to get rid of a lot of the stress. Often it is tax liability that tips the scale towards bankruptcy, …
The Straight Goods for Late Filers, Requests to File and Demands to File Let’s get a few things straight. Tax Evasion and late filing have little to do with each other. Being charged with failure to file a tax return is nothing to do with being charged with tax evasion. If you have not been …