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I have met more than a few people who I would classify as being wearers of Tinfoil hats. You know the type of people who think the government is scanning their brain, and that the aliens are going to find them and harvest their organs unless they are “off the grid”. These same people are afraid of the CRA “knowing” how much money they have, where they do their banking, knowing where they live, etc., and think that any amount of tax is too much. The truth is that in this day of computers, electronic banking, ATM’s, credit ratings, the internet,...
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In a recent news release, the CRA announced that it will be expanding the Liaison Officer Initiative or LOI pilot project to British Columbia, the Prairies and Atlantic Canada this fall of 2014.  The Liaison Officer Initiative is a pilot project designed to help small and medium businesses to comply with their tax obligations. Through this project, businesses are provided access to in-person support as their operations grow. The CRA initially launched two LOI pilot projects last March 2014 in Ontario and Quebec. The LOI is based on a “right from the start” approach which allows the CRA to address non-compliance...
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Time for a word of warning. Paying cash for things is ok and is totally LEGAL. After all cash is legal tender and it is not against the law to use cash. But if you want to claim cash payments made for business purposes as a tax deduction you better (MUST, MUST, ABSOFRIGINLUTELY MUST) have invoices that document the expense. You also MUST have withdrawals that correspond directly to the amount of the invoice. You MUST be able to directly correlate invoices and payments. Have I used the word “MUST” too much? I don’t think that I have used it enough,...
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CRA News Release: Minister of National Revenue highlights Government of Canada’s red tape reduction efforts in recent meeting with businessesNational Revenue Minister Kerry-Lynne Findlay met recently with local businesses in Saskatchewan to discuss the Government of Canada’s efforts to reduce red tape for small and medium businesses. Here are the highlights of the red tape reduction efforts: Last April 2014, CRA introduced new services that allowed corporations to file amended T2 income tax returns using commercial tax preparation software, and taxpayer representatives to submit an authorization request online on behalf of business they represent. In October 2014, CRA will be launching...
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