Jun
01

Beware of Email Scams

It has come to our attention that several people have reported to have received an email from the Canada Revenue Agency regarding a supposed tax evasion case they have against the taxpayer / recipient.Here is the actual email that some have received:From: Canada Revenue Agency [mailto:This email address is being protected from spambots. You need JavaScript enabled to view it.]Sent: May 25, 2011 3:08 PMSubject: FW: Tax EvasionImportance: HighDear tax payer,A federal complaint has been filled against you and the company you are affiliated with, by using our Informant Leads Program .  The complaint contains evidence that you are directly involved in tax evasion schemes.The mandate of the Informant Leads Program is to co-ordinate all...
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May
20

Can’t Afford to Pay The Taxes You Owe?

During the next few weeks, right after the tax season, you will see a flurry of news articles in the media about what the best thing to do with your tax refund. However, not all will be receiving a cheque from the CRA.  Some taxpayers owe the CRA.  Last year, there were almost 300,000 Canadians who owed money and could not afford to pay.First of all, you should have filed your personal income tax return on or before the May 2nd deadline even if you can’t afford to pay.  Filing your tax return on time will ensure that you avoid paying...
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May
18

Tax Refund, Good or Bad?

A recent CIBC Harris/Decima poll that surveyed 1,011 Canadian respondents showed that over half of Canadians expect a tax refund for 2010.  Of these taxpayers who expect a tax refund, most will be receiving under $2,000 from the Canada Revenue Agency.  According to the CRA, the average refund to date is $1,506 based on 20.2 million tax filers by May 1st, 2011.According to the CIBC poll, it seems that most Canadians who expect a tax refund will be resisting the urge to spend the money on luxury such as vacations or shopping sprees.  Nearly three quarters or 72% of respondents plan...
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May
13

Why Is It Important to Have A Tax Plan?

Tax plans are a necessity to every taxpayer amidst a world of rising tax rates and missed opportunities. To prove this point, we would like to share with you 2 very interesting studies that were released recently about income tax in Canada.  The first study was by the Fraser Institute which focused on how much the average Canadian family’s tax burden has increased over the years.  The second study was a survey done by Leger Marketing (released by BMO Harris Private Banking) which provides a clear picture of what Canadians plan to do with their tax refunds. These 2 studies will...
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