No More Sworn Testimony, But Audits Are Still Stress Inducing

“That” Phrase: it’s one no taxpayer wants to hear – digitally or otherwise. “You’re being audited.” If you’ve had to deliver that news you’ll know that the reaction can range from indignity to shock to panic. Based on the latest piece of legislation before Parliament, you might have to tell more of your clients to buckle up, it’s going to be a bumpy ride. CRA will now have greater powers. Consider this:

When starting a small business, whether as a proprietorship or a corporation, entrepreneurs can fall into a number of tax traps. 

A flurry of recent media activity has raised the red flag on how deep in the red most Canadians are, reporting that more people are carrying higher levels of debt than at any other time in history.

An outcry from Hollywood means Ontario will delay tax credit cuts.

The Notice of Ways and Means Motion and Explanatory Notes for the tax provisions of the April 21, 2015 Federal Budget were tabled on May 4, and contain the detail required to set up family tax and wealth planning strategies for the 2015, 2016 and future tax years as envisioned in this document.   

It appears that tax cheaters are having a bigger effect on economic activity than tax free savers, when the cost of raising TFSA limits are contrasted with the cost of lost tax revenues due to the Underground Economy (UE).

Courts generally have the power to award costs against unsuccessful parties. These cost awards can be more severe depending on the conduct of the parties, and they are, therefore, a great way to dissuade frivolous litigation.