The CRA’s Taxpayers’ Ombudsman reported that several taxpayers contacted the Taxpayers’ Ombudsman office complaining the Tax-Free Savings Account (“TFSA”) rules related to withdrawals and over-contrib...
Notices of reassessments issued by the Canada Revenue Agency (CRA) can have serious financial implications for small businesses. In 2009 and 2010, the CRA audited approximately 380,000 small and mediu...
The Canada Revenue Agency’s Voluntary Disclosure Program (the ‘‘Program’’) encourages taxpayers to voluntarily disclose unreported income. As set out in Information Circular IC00-1R2, a taxpayer who v...
Yesterday’s Ontario Bar Association Tax Law Section Conference was a great opportunity for our firm to discuss the Canada Revenue Agency’s (“CRA”) new Related Party Initiative (“RPI”), which targets h...
The Canada Revenue Agency (“CRA”) is launching a new project named the Related Parties Initiative (“RPI”) aimed at wealthy individuals and related entities. The CRA intends to initiate the RPI audits ...
Stephen Kaegi and his wife, Elise Dallaire, learned the hard way that music, love and taxes don't always mix well. The Ontario couple have spent two years trying to persuade federal tax officials that...