A recent article in the Financial Post, “How Trump’s tax-cut plan stacks up against the Canadian tax system,” by Jamie Golombek takes a comparative look at the new and proposed U.S. tax changes and the current Canadian tax system for individuals. It is a very interesting and informative read for both US and Canadian taxpayers. What tax system do you think comes out better for the individual taxpayer? Here is a quick summary of the comparisons that the mentioned article features. Tax rates:  Trump’s tax plan includes a proposal to reduce the US federal income rate brackets from the current seven...
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As mentioned in part 1, the CRA offers individuals and businesses options that they can consider if they have tax debt that they cannot pay in full.  Here are the other options that may be applicable to your situation. Taxpayer Relief Provisions In some situations, you may be able to ask for relief from penalties and interest charges and reduce the overall amount you or your business owes under the Taxpayer Relief Provisions.  Business and Tax Debt If you are a business owner, the amounts that you deduct and withhold from the wages of your employees and the GST/HST amounts that...
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If you owe taxes and cannot pay in full, the first thing you would need to do is contact the CRA.  Remember, if you are unable to pay your tax debt in full and on time, the CRA may charge interest compounded daily at the prescribed rate on any amount owing until you have paid the amount in full. The CRA offers options to individuals and businesses who are unable to meet their payment responsibilities.  As an individual, if you cannot pay your tax debt in full, you may qualify for a payment arrangement or ask for taxpayer relief. Payment Arrangement...
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Why haven’t you received your tax refund? If you have not received your income for 2016 even after waiting the applicable timelines mentioned above, the CRA may have kept some or all of your refund.  These are the instances when the CRA may keep some or all of your refund: -      You owe or are about to owe a balance; -      You have a garnishment order under the Family Orders and Agreements Enforcement Assistance Act; -      You have certain other outstanding federal, provincial or territorial government debts, such as student loans, employment insurance and social assistance benefit overpayments, immigration loans and...
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