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In a recent news release, the CRA highlights its efforts to combat offshore tax evasion and aggressive tax evasion through international partnerships. Here are some quick facts:- In 2017, Canada implemented the Common Reporting Standard (CRS) to provide CRA with information on Canadian’s overseas financial accounts. - Under the CRS, Canadian financial institutions are required to identify non-resident’s financial accounts and to provide account details annually to CRA. The CRA then shares this information with foreign jurisdictions. - Information collected under the CRS includes names, addresses, account numbers, balances and interest payment amounts.- More than 100 jurisdictions are participating in this...
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As we mentioned in part 1 of our blogs series on Motor Vehicle Expenses, the CRA may soon be randomly targeting business owners who have claimed their motor vehicle expenses in previous tax years. To be able to prepare you for a possible tax review or audit in relation to your claimed vehicle expenses, here are more important things you will need to remember to ensure a smooth and quick review / audit process:1. If you use more than one motor vehicle for your business, keep a separate record for each vehicle that shows the total and business kilometers you drive,...
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At KD, we stay on top of what the CRA is up to so that we can be prepared and inform our clients about changes and things they need to be aware of. Recently, we found out that the CRA’s next target for their reviews and audits are the business owners who have made motor vehicle expense claims in previous tax years. We, at KD, want to remind all of the you who are business owners that you should always be doing the right things for your vehicle expenses such as keeping an accurate logbook for your vehicle expenses and creating...
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The CRA recently released highlights from their Corporate Planning with their commitments to Canadians in respect to tax services. 1. CRA commits to providing timely and accurate information through written correspondence or their telephone services. • By May 2019, the CRA’s goal is to complete improvements to the design, style, clarity and tone of 95% of their written correspondence to Canadians. 2. CRA commits to making it easy to comply with tax obligations. • By December 2018, the CRA plans to allow taxpayers who use GST/HST Internet File Transfer software to register for online mail. • By May 2019, the CRA...
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