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A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
March 2025 Poll
In your view, has CRA improved its services to clients and tax preparers this year?
Tax Evasion: Toronto Man Swindles International Investors
Throughout the calendar years 2012 - 2015, a Toronto man named Perry Fousteris and representatives of Fousteris’ corporation defrauded international investors by encouraging international investors to purchase shares of corporation’s owned by Fousteris. This fraud attracted the attention of the CRA, as well as penalties, interest and jail time. Here is what happened:
Payroll Penalties You Need to Know About
When a business hires an employee, it is important for that employee to be “formally” hired, that is with a role description, a rate of pay or salary level and a statement of expectations that define the relationship between the employer and employee, all well documented and filed in case of audit from the CRA. This is particularly important post-COVID, as CRA will be auditing the Canada Emergency Wage Supplement (CEWS) payments businesses received, right up to the end of 2023. But it is also very important if you have hired family members.
Co-signer or Co-Borrower?
What’s the biggest difference between a co-borrower and a cosigner? It relates to the degree of investment in the loan. Here are the details:
Immediate Expensing of Capital Asset for CCPCs
In the last federal budget, the government proposed to allow Canadian Controlled Private Corporations to claim 100% CCA in the year of acquisition for assets purchased after April 18, 2021, to a maximum of $1,500,000. However, legislation has yet to be introduced to implement that change. That’s turning out to be a big problem for tax advisors and their clients. Here’s why:
CCB Filing Deadline News: Beware of Limitations
Most people know that when you miss filing a tax return your family will miss out on receiving the Canada Child Benefit. However, did you know that you can retroactively claim the CCB by filing those missed returns? How far back you can go, however, depends on what type of CCB you file for.
