Owning foreign property is not a bad thing here in Canada. The problem will only arise if there is a property that the Canada Revenue Agency does not know about and there is problem of unreported foreign income. There is an automatic penalty on a taxpayer that fails to file returns of their overseas property » Read More
Category Archives: Canada Revenue Agency
Income Tax Canada Requirement: File Taxes On Time
Are you an eligible taxpayer in Canada? The Canada Revenue Agency, the chief administrator of the income tax system, wants you to pay your taxes on time. It does not matter whether you are needed to pay personal income taxes or corporate income taxes. The CRA has an internet-based procedure for filing your tax returns. » Read More
Tax Filing Late Interest and Penalty Charges You Should Expect From CRA
Tax filing late penalties and interest rates are common with the Canada Revenue Agency. The CRA does not want to be owned even a penny and it has big fines to discourage tax evasion. For every amount you have not paid there will be a penalty and an interest charge. Needless to mention, you should » 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