Tag Archives: cra
CRA Cracking Down on Non-Compliance
Posted on 30. May, 2010 by Phil Hogan, CA.
I wanted to share the recent CRA news release regarding how much extra revenue CRA has obtained by auditing and reviewing individuals and businesses’ income tax affairs. The article also outlines some cases where criminal prosecution was levied. The quick lesson here is……file you returns on time and make sure they’re accurate! You can read [...]
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Tax Tip #2 – Can I Adjust a Previous Year’s Canadian Tax Return?
Posted on 18. Jan, 2010 by Phil Hogan, CA.
If you find that you’ve made a mistake on your Canadian tax return you are able to submit a T1adj form with CRA to make the changes. Once submitted CRA will assess the changes, make the required changes (in some cases they may want to verify documentation backup for the changes) and send you a [...]
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Tax Tip #1 – What Happens If I File My Canadian Tax Return Late?
Posted on 16. Jan, 2010 by Phil Hogan, CA.
Your Canadian tax return is due April 30th unless you or your spouse or common-law partner carry on a business in which case you have until June 15th. Note however that any tax balance owing still needs to be paid by April 30th to avoid interest charges. If you fail to file your Canadian Income [...]
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CRA Announces Interest Rates For The First Quarter
Posted on 05. Dec, 2009 by Phil Hogan, CA.
CRA has announced their interest rates for the first quarter of 2010. The rates include both the penalty rates for overdue balances as well as the prescribed rates for employee and shareholder loans: The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance premiums will be 5%. The interest rate paid [...]
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CRA Is Now Offering Online Payment Services
Posted on 03. Dec, 2009 by Phil Hogan, CA.
It’s been a long time coming, but The Canada Revenue Agency is now offering electronic payments for individuals and businesses. Their new MyPayment system allows individuals to pay personal tax installments and balances as well as allowing businesses to pay the following accounts:
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