Author Archives: tax911nowKLI

Unreported PayPal Business Income

  Recent news alerted all Canadian online business owners that their PayPal Business Accounts will be handed over to the CRA. This will have serious tax consequences if they have Unreported PayPal Business Income. This news is a result of the Canada Revenue Agency (CRA) moving forward to aggressively address non-compliance specifically unreported income or » Read More

What You Need To Do When Facing the CRA Tax Appeal

If you believe that the CRA have made a mistake when calculating the amount of tax you have to pay, then you need to dispute this. If the thought of doing this fills you with dread firstly you will not be the first person to feel that way, and secondly you don’t have to go » Read More

Going About a CRA Tax Objection

If you have been contacted and told that you are going to be reassessed on the tax returns you have filed, you still have the right to defend your claims if you are not in agreement to what CRA is reassessing. If you do this it will not be a short process, as it can » Read More

FILING CRA TAX OBJECTION

If you receive a notice from CRA tax and not ready to accept it, you may file Tax objection. You can either do it by yourself or can contact with an expert tax accountant to have them checked or reassessed. How to File Tax Objection It is fact that people most often do not have any » Read More

The Benefits of getting help on CRA tax audit

No matter how accurately you have filed your returns and paid them on time, possibility of tax audit from the CRA is inevitable. It is for the purpose that along with taking precautions on guaranteeing tax return accuracy, getting help on CRA tax audit is also very helpful. You will need to hire services from a » Read More

Essential Information for Canadian Taxpayer Relief

Any sensible person would never want to suffer from tax debt that is uncontrollable and the best way to avoid paying of interest and penalty on your taxes are to pay them on time. There are however times when seeking Canadian taxpayer relief becomes out of control when an individual is forced to pay interest and » Read More

Why You Should Hire a Tax Accountant

When it comes to hiring a tax accountant. Hiring an inexperienced accountant with no expertise and knowledge specifically in taxes will not in any ways help you rather at points can harm your overall situation alright. Filing your tax returns every year is an obligation on every citizen and every year it is the same question » Read More

What is a Canadian Taxpayer Relief

Canadian Taxpayer relief refers to reaching a negotiating with the CRA where the debt issue is resolved through waiving or cancelling off the interest or penalty amount from the actual payable taxes of a debtor. Canadian taxpayer relief program was designed to offer relief to taxpayers who were unable to pay their tax debt s owing to – Any » Read More

Taking Part In The Canadian Voluntary Disclosure Program

It is easy to make a mistake if you fill in your tax return without professional help. It could be that you misinterpret what needs to be done, or just don’t put the figures in the right place. In Canada, the Canadian Voluntary Disclosure Program allows residents to contact the CRA and let them know about incorrect » Read More

What can be claimed as Taxpayer Relief Help?

Taxpayer relief help can be given in conditions where some actions of the CRA have come in the way of the taxpayer’s obligations. Other conditions that apply for seeking taxpayer relief help could be inability to pay on part of the taxpayer due to financial hardship and through circumstances arising out of natural calamities or civil disturbances and » Read More

How to deal with a CRA Tax Problem?

The CRA tax problem will arise when you have not paid the tax amount outstanding in your name by the tax return filing deadline. The problem will still raise its head when the CRA does not agree with the income or the deductions that you have reported in your returns. Many people are not sure how to » Read More

Eligibility Criteria for the Taxpayer Relief

If you want to consider sending out an application under the Taxpayer Relief Program in Canada, you have to first think in terms of hiring some professional consultants who can help you go through with it. This should be done even when you find a lot of information on the web around CRA’s Taxpayer Relief Program which was previously » Read More

Tackling and Surviving a CRA Tax Audit

The best thing to do when you receive a CRA Notice of Assessment is to stay calm and deal with it.  You have to open all the brown envelopes that you get from the CRA. If you happen to receive calls from the CRA, you have to receive them without flinching or return them promptly » Read More

Filing the CRA Notice of Objection

When you receive a Notice of Assessment from CRA and do not agree with few things in it, you may take a decision to file a CRA Notice of Objection. You can fill out your forms and send it either through your tax accountant or electronically, by using the CRA Response Program which could be found » Read More

The Taxpayer and the Voluntary Disclosure

When a taxpayer feels that the filing of the tax return was not so accurate, there are bound to be fears concerning possibilities of a CRA audit and assessment. This will also be the case for those employers who have not remitted their Sales Taxes or their payroll deductions. It will be a nightmare of » Read More

The Difference between Tax Evasion and Income tax Fraud?

There is a significant difference between the concept of income tax evasion and that of an income tax fraud. A comparison can be done by drawing a parallel to the Government of Switzerland and its tax treaty with the United States of America. For example, the Swiss Government will shield its largest bank from the » Read More

The Civil Consequences of Tax Evasion Canada

People have to think a thousand times before pleading guilty to tax evasion Canada because of the civil consequences they may have to face. It is a general case that tax evasion Canada is followed up by criminal charges and it is accompanied with a civil assessment or the reassessment of taxes. The CRA will be keen to get » Read More

Taking Advantage of Tax Amnesty Offer by the CRA

When there is a situation where you have to take up the tax amnesty offer provided by the CRA, it is advisable to seek expert professional advice on these tax matters. Tax amnesty offers a second chance to the Canadian residents who have not filed their taxes regularly and are feeling nervous about it. After all, it can be » Read More

Getting Ready to File Income Taxes Past Years

It will never be too late for you to file your income taxes past years. People think in terms of filing their income tax returns generally for the current year. But, if you have not filed tax returns for the past few years or you have tax returns which are overdue or outstanding, you can seek » Read More

Taxpayer Relief on Account of Natural Disasters

Many Canadians are not aware that taxpayer relief could be available to them in circumstances where the taxpayers are late when filing their GST returns or in remitting the required GST as a result of the disruptions that are caused by natural calamities and disasters. Natural disasters could strike anywhere. You can take the example » Read More

Best Practices in Dealing with the Canada Revenue Agency (the CRA)

It is a well-known fact that dealing with the CRA is never an easy task.  To make things worse, the combination of dealing with the most confusing and complicated statutes ever written by tax lawyers, and dealing with the CRA, one of Canada’s most powerful and sophisticated agent, can prove to be challenging to even » Read More

Setting up Tax Payment Plans with CRA

When the CRA processes your income tax return, it will send you a Notice of Assessment. This Notice of Assessment will show a tax balance that you owe to the CRA and it is possible that you may not be in a position to pay this amount immediately and in one lump sum. When you » Read More

Why is it important to get professional Canadian Tax Audit Help?

When you get a letter in your mail from CRA, it is time to get yourself Canadian tax audit help. If you want to handle tax filing and face a tax audit yourself, then it could develop into a nerve racking experience for you. Income tax audits are slowly but surely becoming a certainty just like life and » Read More

Working out a Tax Payment Plan with CRA

If you are facing a tax audit or have a huge tax debt to settle with the CRA, you need professional help to work out a tax payment plan with CRA. Some people run into financial difficulties and do not put aside sufficient money to pay the year end taxes. They should be proactive and keep » Read More

Filing of Corporation Income Tax Toronto

For corporations in Canada who want to claim the small business deductions when filing corporation income tax Toronto or other Canadian cities such as Calgary, Vancouver, the net tax rate effective from January 2012 has been 15%. The corporation is a popular business structure form in Canada. This is because the distinction in liability protection for » Read More

CRA Tax Problem Help in Toronto and Other Canadian Cities

Many people in Canada find themselves facing a tax debt that may become too big for them to handle when CRA knocks at their doors and starts giving them deadlines to work out payment plans. It is not an easy task to deal with a CRA collections officer who could be aggressive. Seeking tax problem help » Read More

How the CRA Collections System works?

How the CRA Collections System works? Since 1st August, 2005, the Canada Revenue Agency (CRA) has been given the responsibility of the cra collections of tax debts which was previously being handles by the Human Resources and Social Development Canada (HRSDC). CRA collection has the accountability for tax debts that are due to HRSDC through student loans, employment » Read More

An Overview of a CRA Bank Freeze

Once a tax debt is established, the CRA can take legal action and certify that debt in federal courts. This will be done after several requests by phone and in writing to the taxpayer. If there is no tax payment plan proposed by the taxpayer, it will empower the CRA to attack your assets as » Read More

Taxpayer Relief in Canada

Taxpayer relief  was set up in Canada to allow for the National Revenue Minister to extend relief to the taxpayers from interest charges or penalties in certain situations. These kinds of situations are deemed to prevent individual or business corporations from fulfilling their tax obligations. The special conditions for qualifying for taxpayer relief are extra-ordinary circumstances, other » Read More