Introduction – Director’s Liabilities Under the Income Tax Act and the Excise Tax Act (GST/HST) A director of a corporation may be held personally liable when the corporation fails to deduct, withhold, remit, or pay certain taxes. Specifically, under section 227.1 of the Income Tax Act, the liability of...
EU Court Ruled that Privilege in Tax Matters Extends Only to Lawyers Mossack Fonseca, the law firm involved in the Panama Papers scandal, was closed, but the scandal’s impact on the legal profession endures. Although little criminal activity by lawyers has been proven, the negative optics surrounding Mossack Fonseca have...
Introduction: When the Subject of Scams Becomes the Victim of Scams Many Canadian taxpayers have encountered scams impersonating the Canada Revenue Agency (CRA), where scammers and fraudsters exploit the agency’s authority and Canadian taxpayers’ fear of tax and administrative penalties. These scams, such as cryptocurrency scams, are crafted to...
Introduction: The Nature of Business Income for Tax Purposes A Canadian tax resident is taxable on income from all sources, including from business and property. A taxpayer’s income from a business or property for a particular taxation year is defined by subsection 9(1) of the Income Tax Act as...
INTRODUCTION Understanding Your Tax Affairs and Vigilance to CRA Communications is Necessary To Avoid Tax Liabilities Failure to understand your tax affairs or check your CRA online account regularly could cause you significant tax liabilities. Ignorance of CRA practices and procedures may also deny you certain procedural rights. At...