Getting Audited by CRA is no laughing matter Getting Audited by CRA is no laughing matter. If handled improperly, you could find yourself in a lot of trouble. Criminal charges, Reassessments, CRA collections, and bankruptcy happens to those who don’t understand the seriousness of getting things fixed now. It does not matter what your problem …
Does CRA have the right to access your electronic files? Such as QuickBooks and Simply Accounting Files. The quick answer is yes they do have the rights to those files. However this brings up a big problem being that one can not separate the files by year. CRA says they have a way, yet QuickBooks …
Risk-based Audit Process In the newest evolution of “Big Brother is watching you.” CRA has announced it has instituted a risk-based approach to audits whereby CRA meets with senior representatives of the taxpayer to: Explain the redefined risk-based approach to large business compliance and how the approach affects taxpayers; Share CRA’s findings and observations noted …
In the newest evolution of “Big Brother is watching you.” CRA has announced it has instituted a risk-based approach to audits whereby CRA meets with senior representatives of the taxpayer to: Explain the redefined risk-based approach to large business compliance and how the approach affects taxpayers; Share CRA’s findings and observations noted during the taxpayer’s …
Audit Ready Bookkeeping requires a blend of tax law, accounting principles, understanding of CRA audit requirements, and an understanding of how best to categorize and defend an expense. AUDIT READY BOOKKEEPING DEFINED: There is a lot of knowledge and skill involved with keeping Audit Ready Books. Audit Ready Bookkeeping requires a blend of tax law, …
Class Action Suit Against CRA The following is an article published in the Vancouver Sun about a proposed class action law suit against the Canada Revenue Agency. This is a good read if you want a summary of what the case is is all about or if you feel you are being abused or bullied …
Tax Audit Solutions works hard to bring fairness to tax payers in Canada. We do this by holding CRA accountable to their code of conduct and ethics. Canada’s National Tax Advocates Tax Audit Solutions works hard to bring fairness to tax payers in Canada. We do this by holding CRA accountable to their code of …
REVENUE CANADA TAXATION INTERPRETATION BULLETIN NUMBER: IT-459 DATE: September 8, 1980 SUBJECT: INCOME TAX ACT Adventure or Concern in the Nature of Trade REFERENCE: Subsection 248(1) 1. It is a general principle that when a person habitually does a thing that is capable of producing a profit, then he is carrying on a trade or …
Subparagraph 152(4)(a)(i) of the Income Tax Act provides that the Minister (CRA) may make an assessment, reassessment or additional assessment beyond the normal reassessment period where the taxpayer has made a misrepresentation that is attributable to neglect, carelessness or willful default or has committed any fraud in filing the return or in supplying any information …
Classes of Depreciable Assets CCA – Classes of Assets to apply capital cost allowance. CLASSES OF DEPRECIABLE PROPERTY – Quick Guide The following are some of the more common types of depreciable properties. You will find a complete list in Schedule II of the Income Tax Regulations. Note: Land is not depreciable property (but some …