Category Archives: Tax Evasion

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

Unreported Foreign Income in Canada

The Government of Canada announced through the federal budget last year about its intention to take steps in addressing non-compliance in taxes which involve foreign property investment and foreign income. One of the major steps was the introduction of the revised Form T1135. This is for all practical purposes a foreign income statement of verification. » Read More

Voluntary Disclosure CRA Program – Who is Qualified?

Paying taxes is mandatory in Canada.  The Canada Revenue Agency expects that you will file your tax return on time. In addition, the CRA wants you to prepare your tax return professionally to avoid omissions or false statements. If you have undeclared income, or previously submitted tax returns that had errors, the CRA gives you » Read More

Canada Revenue Agency’s Tactics on Canadian Tax Evasion

To deal with Canadian tax evasion problems, although Canada Revenue Agency works hard and smart to collect taxes, there are still some individuals and businesses that evade taxes that cause Canadian tax evasion problems. The no-nonsense CRA tax collectors might catch up with you and you will hate their legal actions against you. Tax evasion » Read More

How to declare your unreported foreign property to the CRA

Are you a wealthy Canadian with bulks of cash stashed in foreign banks?  Since the Canada Revenue Agency circulated its Liechtenstein lists with the names of local people who owned unreported foreign property and income, in 2007, many people got scared and came forward. The number of voluntary disclosures has gone up dramatically ever since. » Read More

The problems with unreported foreign income for Canadians

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

Undeclared income Must Be Reported In Canada

Unreported income is being fought hard by the Canada Revenue Agency (CRA). The CRA wants taxpayers to report all their income sources. It does not matter whether you earn all your money from within Canada, outside of Canada or just online. Anything that should be disclosed as income need to be reported truthfully. Although the » Read More

Unfiled Taxes Canada – A Comprehensive Guide For Late Tax Payers

There are Canadians who have not filed their taxes in years. Are you among them? The longer you wait to report the higher your tax arrears will become. This will increase your odds of being severely punished by the CRA. Unfiled taxes Canada consultants can file your late returns and get you out of trouble » 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

The Tax Evasion Canada Program with Whistle Blower Rewards

The 2013 CRA budget announces the CRA’s initiative to encourage Canadians to provide relevant information identifying tax evasion especially for international tax evasion. The latest changes in the `Stop International Tax Evasion Canada Program will enable the CRA to reward those individuals who have knowledge of major cases in tax non-compliance on an international level. The » Read More

Tax Evasion Canada and Signing of an Agreement with USA

To combat the problem of international tax evasion, Canada and USA have signed an agreement recently. USA and Canada have consented to share tax information about the bank accounts which are being held by the citizens of the United States in Canadian banks. This has helped them use backdoor tactics by freeing them from compliance » Read More

Tax Evasion Canada

Tax evasion Canada is an act committed by a person or a business entity to evade payment of the taxes, illegally. Tax evasion could be in the form of misrepresentation of earnings and profits by trying to report less than the amount actually earned and also in the taking of deductions that may not be » Read More

Understanding Tax Evasion vs. Tax Avoidance

Understanding Tax evasion vs. Tax Avoidance Tax Evasion is illegal; it is the evasion of taxes by taxpayers including individuals and businesses such as corporations. Under tax evasion taxpayers intentionally misrepresent the true income or tax owing status to the tax authorities to reduce their tax liability. Such act may include false tax filing, such » Read More