Introduction – Business Tax Audit Business tax audits are a keyway by which the Canada Revenue Agency (CRA) ensures that a business has fulfilled its tax obligations with respect to income tax, payroll deductions, benefits, remittances, and GST/HST, pursuant to the Income Tax Act and the Excise Tax Act....
An employee housing loan refers to any loan that you can get from your employer to buy a home. This is quite convenient, considering employers offer housing loans at incredibly low-interest rates. Applying for a housing loan not only allows you to buy a conventional house but also empowers...
If you are curious about using a shareholder loan and want to know the potential fallout that it could have for you in terms of taxes in Canada, it is important to educate yourself about these issues well in advance of facing a problem. What Is A Shareholder Loan?...
Winston Churchill is reputed to have said, “We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” While that calls to mind a humourous impossibility, the truth is that...
Tax planning is very difficult and stressful to handle on your own and it is not at all easy to achieve the tax planning technique which perfectly fits the case at the first go, so in case of tax errors a rectification order provides a safety net for taxpayers...
Tax law is complex and it is unwise to proceed without proper guidance. The extensive powers granted by the Canadian Income Tax Act to the CRA to collect tax creates additional problems, thus certain limitations are imposed on the CRA Collection abilities. These limitations specify that the CRA does...
Even before a tax debtor has time to react or engage a tax expert his bank accounts can be seized and money taken without a court order. This is because the Canadian Income Tax Act grants extensive powers to the CRA collection officers which often leave the Canadian tax...
Tackling tax problems is difficult enough and to add to that if you are dealing with CRA auditors or CRA tax collectors, professional representation from our team of the best Canadian tax lawyers is an absolute necessity. CRA’s tax auditors and tax collectors not only have different functions but...
Tax evasion is an offence under the Income Tax Act and the Excise Tax Act (for GST/HST) but notably it is not a criminal code offence. Over the years CRA has come up with many policies to actively deter Canadian taxpayers from tax evasion but the new policy of...
We are a specialized Canadian tax law firm with 30 years of experience and have seen it all, so our experience tells us that nothing creates as much fear, confusion and stress as a tax audit. Starting from business owners who contact us less than one week before a...