Monthly Archives: November 2017

TAX TICKLERS… some quick points to consider…

An individual’s online CRA account (My Account) is now linked to their online Service Canada Account (EI, CPP, OAS, etc.) to provide both departments’ information in a single log-in session. Over the past two years, CRA has completed over 21,000 files related to real estate, assessing over $329 million in previously unreported income, and applying… Read more »

Not so Fast: OBJECTIONS

When filing an objection to a CRA reassessment, one of the most frequently-posed questions is “How long will it take?”. The answer, according to the Auditor General, is “too long”.On November 29, 2016, the Auditor General released a report to Parliament focusing on the effectiveness and timeliness of the objection process.Length of Process For the… Read more »

Tax Consequence: PAYROLL ADVANCES

In an April 26, 2016 Technical Interpretation, CRA opined that where an employer provides a payroll advance to an employee, the amount is not generally considered to be a loan. A salary advance is a payment for salary, wages or commissions that an employee is expected to earn in the performance of future services. These amounts are generally included in… Read more »

Financial Hardship: TAXPAYER RELIEF

CRA may grant relief from penalties and interest in cases where the timely satisfaction of a tax obligation was not completed due to: extraordinary circumstances; actions of the CRA; or inability to pay or financial hardship. In a March 31, 2016 Federal Court Judicial Review, the taxpayer appealed a decision by CRA to refuse relief on penalties… Read more »