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Jun
29

CRA can revoke your EFILE privileges

Apparently, filing your taxes electronically is not a right but a privilege that the CRA has granted to taxpayers and tax preparers. According to an article by Jamie Golombek, “Filing taxes online is not a right,” a number of unscrupulous tax preparers have had the unpleasant experience of having their ability to EFILE their clients’ tax returns revoked by the CRA. He mentions the case of Christopher Paterson, who was informed that his EFILE privileges were being revoked and that he can no longer file his clients’ tax returns online. Here are some of the important details on this case mentioned in...
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Jun
27

CRA Tax Alert: Warning against claims of false losses or expenses

The CRA warns taxpayers against using a fraudulent scheme wherein the taxpayer claims large losses or expenses equal to their personal expenses such as payments for mortgages, personal loans, vehicle loans and common everyday expenses.  In this scheme, the taxpayer uses a CRA business number to submit information slips such as the T5008 Statement of Securities Transactions, the T5 Statement of Investment Income and the T4A Statement of Pension, Retirement, Annuity and Other Income for amounts related to their personal debts and expenses.  The CRA wants the public to know that using such a scheme will result in some serious consequence for the taxpayer such as...
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Jun
24

Review of Alberta Scientific Research & Experimental Development Tax Credit

The Alberta Scientific Research & Experimental Development or SR&ED Tax Credit is an initiative introduced in 2009 to promote technological advancements in the value added sectors in the province.  This tax credit is worth 10% of a company’s eligible expenditures up to a maximum expenditure limit of $4 million, for a maximum refundable credit of $400,000.  Any size company is eligible to claim this tax credit but its focus is to assist start-up and early stage companies.  Last week (June 9, 2011), the Government of Alberta, through the Alberta Finance and Enterprise, announced that it will conduct a review of the...
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Jun
22

2011 Tax Filing Season Stats

The Canada Revenue Agency recently presented the preliminary tax-filing season numbers.  These are the highlights:There was a .6% increase in the total number of tax returns filed in 2011 compared to those filed in 2010.  The tax season 2011 saw 24.5 million tax returns filed, a slight increase from the 24.3 million tax returns filed in 2010.There was a significant decrease in the number of paper returns this year compared to 2010.  We saw a decrease of 6% of the paper returns filed this year.Canadian taxpayers are increasingly choosing electronic filing.  This year, 15.9 million filed their tax returns using EFILE,...
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