ArticleEU Orders Apple To Repay 14 Billion Euros Of TaxesCorporations with multi national operations routinely undertake international tax planning to try to reduce their overall tax burden.CanadaTaxRotfleisch & Samulovitch P.C.
ArticleFirst-Year Resident T1135 Information Return ExemptionIndividual Canadian immigrants are exempt from the requirements to file a T1135 information return for the year in which they first become Residents of Canada. CanadaTaxRotfleisch & Samulovitch P.C.
ArticleGST/HST Refund To Non-Residents On Eligible Tourist PackagesThe Foreign Convention and Tour Incentive Program (FCTIP) offers a GST/HST refund to non-residents on eligible tourist packages. CanadaTaxRotfleisch & Samulovitch P.C.
ArticleGST/HST Refunds Will Be AuditedIf you submit a GST/HST that claims a refund because you exported your purchases or incurred a loss so that your input tax credits exceeded you GST/HST tax liability, your GST/HST tax return...CanadaTaxRotfleisch & Samulovitch P.C.
ArticleIncreased CRA Tax Audits Of Real Estate TransactionsThe Canada Revenue Agency has recently been actively monitoring and tax auditing real estate transactions in British Columbia, as it has been previously doing in the GTA (Toronto area).CanadaTaxRotfleisch & Samulovitch P.C.
ArticleInformation Circulars IC00-1R5 Voluntary Disclosures Program And IC07-1 Taxpayer Relief Provisions Updated For Bozzer DecisionAfter a delay of almost 5 years CRA has announced it's implementation of the Federal Court of Appeal decision in Bozzer v. Canada (2011 FCA 186). CanadaTaxRotfleisch & Samulovitch P.C.
ArticleNew GST/HST Rules For Ride Sharing (Uber, Lyft) DriversAs of July 1, 2017 all ride sharing drivers have to register for GST/HST and charge GST/HST on all rides provided even if they don't meet the normal threshold of $30,000 for GST/HST registration.CanadaTaxRotfleisch & Samulovitch P.C.
ArticleNo Accountant Privilege – CRA Seizes Files From Accounting Firm Grant ThorntonThe files seized from an accountant can be used in tax prosecution against the accountant's client.CanadaTaxRotfleisch & Samulovitch P.C.
ArticleOlympic Medal Cash Awards Are TaxableThese medal payments are not an exception and will have to be reported on the athlete's 2016 tax returns when they are filed by April 30, 2017. CanadaTaxRotfleisch & Samulovitch P.C.
ArticlePayPal Releasing Client Data To CRA – Voluntary Disclosure (VDP) Still PossiblePayPal was served with a Federal Court of Canada order on November 10, 2017 requiring them to release to CRA details about PayPal Business account holders who sent or received a payment...CanadaTaxRotfleisch & Samulovitch P.C.
ArticleProposed Tax Amendments Announced For Income SplittingThe Department of Finance announced 3 changes to the Canadian Income Tax Act on Tue July 18. The first one related to income sprinkling and is designed to reduce income splitting...CanadaTaxRotfleisch & Samulovitch P.C.
ArticleProposed Tax Changes Attack Small BusinessChanges to the Canadian Income Tax Act announced in the middle of the summer have attracted notice after Labour Day.CanadaTaxRotfleisch & Samulovitch P.C.
ArticleReorganization For New Eligible Capital Property (Goodwill) RulesTax changes are set to come into force on January 1, 2017 with respect to the income tax treatment of eligible capital property.CanadaTaxRotfleisch & Samulovitch P.C.
ArticleSelf Employed T1 Filing Deadline June 15If you are reporting self employment your deadline for filing your 2016 T1 return is June 15, 2017.CanadaTaxRotfleisch & Samulovitch P.C.
ArticleSimplified Method Of Filing GST/HST ReturnsSome Canadian small businesses may be eligible for a simplified method of filing their GST/HST returns. They be able to elect to use the quick method of GST/HST accounting when filing their GST/HST tax returns. CanadaTaxRotfleisch & Samulovitch P.C.
ArticleSupreme Court Rectification Decision In Farimount HotelsRectification is an equitable doctrine that is applicable in situations where parties have agreed on terms of a contract that due to inadvertence is not reflected in their written agreement. CanadaTaxRotfleisch & Samulovitch P.C.
ArticleTax Remission Orders Can Cancel Taxes & Interest OwingIf all other tax appeal recourses have been exhausted, taxpayers faced with wrong tax assessments or large tax balances owing that consist largely of penalties and interest, have one last chance procedure available...CanadaTaxRotfleisch & Samulovitch P.C.
ArticleTaxation Of Sales Of Bitcoin Before Year EndWhile merely holding bitcoin, dash, or other cryptocurrency does not give rise to tax, the sale will result in a capital gain or full income inclusion.CanadaTaxRotfleisch & Samulovitch P.C.
ArticleVoluntary Disclosure Changes Deadline ApproachingWhile CRA has not responded to any of the submissions about the proposed changes to the voluntary disclosure program we are advised by CRA employees that their systems are being updated...CanadaTaxRotfleisch & Samulovitch P.C.
ArticleZero-rated Supplies For GST/HSTZero rated supplies are defined in the Excise Tax Act and include prescription drugs, medical assistive devices, feminine hygiene products, basic groceries, agriculture and fishing, exports, transportation services and financial services. CanadaTaxRotfleisch & Samulovitch P.C.