The Lifetime Capital Gains Exemption is a tax planning technique that is available to business owners who are selling shares of their private companies. This is an economic incentive to help raise the level of investment in small businesses, however, not everyone meets the criteria necessary to qualify for this exemption. In order to qualify […]

Form T1135 – Foreign Income Verification Statement Are you a Canadian resident who is an individual, corporation, partnership, or trust? If so, you are required to report holdings of Specified Foreign Property that, collectively, costs $100,000 or more at any time during that given year. Specific Foreign Property can consist of a number of different […]

If a taxpayer does not agree with an assessment from the Canada Revenue Agency (“CRA”), there are a number of avenues the taxpayer may explore to dispute the assessment. Once an assessment is in dispute, the taxpayer usually does not have to pay the amount in dispute until a conclusion has been reached and the […]

With the growth of technology has come an increase with ways in which scammers can reach victims. Within the past few weeks we have been made aware of an email that has been going around claiming that they are the Canada Revenue Agency (the “CRA”). If you have received an email that is similar to […]

Canadians are always surprised to learn that an illegal business must pay tax on its income. Be it drugs, prostitution, theft, etc., the Canada Revenue Agency (the “CRA”) still wants their cut. If a taxpayer is caught committing a criminal act they will obviously be brought before the Courts on a criminal matter. What taxpayers […]

Have you bought and sold a new condo over the past seven years? The Canada Revenue Agency (“CRA”) has deployed abusive audit practices and has been targeting the booming real estate markets in Toronto and Vancouver. The focus of this audit trend is primarily on individuals who intended on flipping said properties for a profit […]

U.S. Citizens worldwide have recently learned, especially through the enactment of FACTA, that they have a responsibility to come forward to the IRS. U.S. Citizens, whether residents or non-residents, dual citizens, and even non-U.S. Citizens who are deemed U.S. Residents are generally all required to report their worldwide income to the IRS, despite where they […]

If you are a Canadian with offshore property and/or income, be advised that there are new reporting requirements due to changes imposed by the federal government. There have been signs to indicate that they are serious about making people pay. It is important to note that investments outside the country are not illegal as long […]

I have seen a huge spike in the number of nurses being audited.  The number has increased dramatically over the last year.  The CRA is steadfast in going after the homecare sector and appears to be attempting to disallow virtually all of their deductions – despite the fact that many of these workers are only […]

The Canada Revenue Agency is financially destroying victims of tax scams through the imposition of gross negligence penalties! You may have fallen victim to a tax scam, or perhaps one of your family members, friends or co-workers has been victimized.  After a wave of tax scams over the last number of years, thousands of victims […]