While the Calgary Stampede may be over, Calgarians and other Albertans affected by the devastating floods last month are only beginning the process of fully assessing the damage and rebuilding their homes.
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Tag Archives: CRA
You’re Nuts If You Do Your Own Taxes
You prepare your own taxes?!?
Are you insane?
I ran into a friend at the local coffee place recently.
She made the mistake of mentioning that her husband prepares their household taxes, by himself.
“What? Is he insane?”
Read more: http://tinyurl.com/clnv5b8
Canada Revenue Agency offers deal to CBC to reveal tax cheats
Canada Revenue Agency wants to cut a deal with the Canadian Broadcasting Corp. that would allow the broadcaster to protect its secret sources, but also rat out tax cheats who have money tucked away in offshore accounts.
Read more: http://tinyurl.com/czrvw5z
Canada Revenue Agency wants to probe accounts linked to tax havens
OTTAWA — The embattled Canada Revenue Agency says it will investigate the files of potentially hundreds of Canadians included in a massive leak of financial information for alleged accounts in offshore tax havens — if it can get its hands on the information.
Read more: http://tinyurl.com/czuwrp7
Are tax refunds a good thing?
Speaking for myself, we are now in one of my favorite times of the year; namely time to file your taxes. The IRS deadline is April 15th in the United States and in Canada it is April 30th. It is very important to file something even if it is wrong because the penalties for not reporting can be severe. Please obey the laws on this and do not fall into the trap that some claim that taxes are illegal and you do not have to pay.
When I was growing up, my parents taught me that getting money back from the government was a good thing. The very thought of having an extra cheque in April or May (depending on when you file your personal taxes) was never a bad idea. This was to be treated like an extra supply of cashflow. I now take an opposite point of view to what I was taught.
A tax refund means you paid them too much over the period of a year and they are simply refunding your money from over contributions. You gave them your money at 0% interest and get your principal back. I have worked at numerous publicly traded companies and they go to great lengths to calculate the exact amount they owe. Do not underpay your taxes either because then the tax authorities will request their fair share.
New Canada Revenue rules target charitable tax shelters
The Canada Revenue Agency has been given controversial new powers to go after Canadians who participate in tax shelters that involve donations to charity.
Read more: http://tinyurl.com/bnf7p6w
Ottawa dentist, wife face ruin for ‘cockamamie’ income-tax dodge
OTTAWA — Clarke and Mary Margaret Webster believed that taxes were unconstitutional and that the federal government created a parallel legal system based on the Hollywood movie The Matrix that allowed them to opt out from paying them.
On Monday, those beliefs landed the couple on house arrest, facing a $342,407 tax bill that will likely cost them their home, and left them in personal and professional ruin.
Read more: http://tinyurl.com/anjuvr7
Anti-tax crusaders jailed after following B.C. man’s ‘preposterous’ evasion scheme
OTTAWA — A wealthy Ottawa couple who followed the teachings of a B.C. group that believes taxes are unconstitutional have pleaded guilty to evading almost a million dollars in personal taxes and to helping others evade millions more.
Pembroke dentist Tania Kovaluk, 50, and her husband, U.S. citizen Lee Williams, 55, were sentenced Tuesday to 2.5 years and four years in prison, respectively. They are followers of Russ Porisky, a British Columbia man who is himself serving a four-year prison sentence for tax evasion.
Read more: http://tinyurl.com/bbs3yzl
Senator wants new Canada Revenue Agency head to rein in overseas tax cheats
OTTAWA — One of the first books a visitor notices in Sen. Percy Downe‘s downtown Ottawa office is one about foreign tax havens. His desk has piles of papers on overseas tax evasion, including a fact sheet — a Coles Notes version of five years of work.
He has been a lone actor for the most part, save for the help his staffers offer, but things changed in the last four weeks as MPs in the House of Commons began taking an interest in why not one fine, or one charge has ever been made public after years of investigating foreign tax evaders in one European country.
Read more: http://tinyurl.com/aa5yvh3
Fontana-led charity cuts ties with ‘sham’ tax shelter
LONDON, ONT. – As choppy political waters rock London mayor Joe Fontana locally, a charity he heads said it’s cutting ties with a tax shelter criticized by Canada Revenue Agency (CRA).
The embattledFontana, under investigation by the Mounties for federal cheques used to pay for his son’s 2005 wedding reception, is chairman of Trinity Global Foundation.
Read more: http://tinyurl.com/clx2eyr