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How much revenue exactly slips through the CRA’s hands because of tax avoidance and tax evasion? According to the CBC article, “CRA not tracking billions in potential taxes lost each year,” nobody really knows as CRA does not release any of its data on the matter. Unlike other countries such as the US that has been publicly reporting its tax gap for 50 years, Canada does not disclose or even track its tax gap. Tax gap is the term used to describe the difference between the government’s potential tax revenue and the actual taxes collected. According to OECD, the US has...
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CRA recently announced that they will be rolling out over 50 action items that will improve services for small and medium businesses. These service improvements are included in the CRA’s 2017-2019 Serving You Better Action Plan. Here are the top 10 service improvements for businesses: 1. Receive a CRA security code by email.2. Call a new dedicated telephone service for tax preparers that helps with more complex technical issues.3. Request a Liaison Office visit.4. Provide T4 information slips to their employees in electronic format (certain conditions apply).5. Use T2 Auto-fill through commercial software.6. Create their own filing and balance confirmation letters...
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Early in the year, the House of Commons Standing Committee on Finance held several hearings with regards to the CRA’s efforts in fighting tax evasion and tax avoidance as well as the status of the KPMG/Isle of Man case. Among those who appeared before the House of Commons were the Minister of National Revenue Diane Lebouthillier, officials from the CRA and Department of Justice. Recently, the House of Commons published its report with regards to these hearings title:  The Canada Revenue Agency, Tax Avoidance and Tax Evasion: Recommended Actions.  In this report, the committee issued 14 recommendations to the CRA to...
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If you filed your taxes with a Calgary accounting service, you may already know that some of your tax credits and deductions can be carried forward. If you didn’t already know this, then this blog will provide you with valuable information to help you save money on your taxes in the future! First and foremost, it is important to consider the types of tax deductions and credits that you may have been unable to use during the year. Don’t fret! You may still be able to apply the following tax credits and deductions in the next tax year. Some tax credits...
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