The project found almost $3 million of GST revenue that had been collected from customers by new businesses but was never handed over to Ottawa, or was fraudulently refunded to them. The money turned up after 439 firms were targeted by running their tax-registration information through a commercial credit-screening service from Equifax Canada Ltd. Banks and other financial institutions have for years vetted potential customers applying for mortgages, loans and credit cards through commercial credit-checking services.
The agency's pilot project was launched in 2010, as part of a wider effort to flush out some of estimated $35 billion that remains untaxed in the underground economy. Internal documents outlining the project were obtained by The Canadian Press under the Access to Information Act. Documents show the agency eventually wants to catch income-tax cheats and people improperly receiving government benefits by using credit checks.
IWS is a financial-industry term for a system that identifies problems with names, addresses, social insurance numbers (or SINs), telephone numbers and dates of birth that suggest possible fraud. The agency's final report on the project, dated September last year, describes how the system worked.
Equifax's system, called SafeScan, might also flag a file if the postal code and telephone number were inconsistent.
Quebec was excluded from the project because federal GST there is collected by the provincial tax agency on behalf of Ottawa. The agency completed a so-called privacy impact assessment, or PIA, in late 2007 to demonstrate the project would not put personal information at risk. Privacy commissioner Jennifer Stoddart pressed the agency to use only one credit-service provider to further reduce risks to privacy. A spokesman for Stoddart said CRA agreed to conduct an evaluation after the pilot project to review privacy risks before expanding the program nationally.
The project was one of a series of underground economy initiatives launched in the last few years that have included audits of restaurant serving staff in St. The Federal and Provincial governments, as well as the private sector, have in place several tools to support local businesses in the form of grants, loans, interest-free loans, mentoring or other types of support. It is also recommended to access the Government of Canada's website from time to time for additional information on short term Federal programs for Ontario businesses.
Apprenticeship Job Creation Tax Credit - Canada Revenue Agency offers a Federal tax credit to cover salaries and wages paid to train new apprentices in the first two years of the contract.
Apprenticeship Training Tax Credit is a Provincial refundable tax credit on salaries and wages paid to new apprentices in certain skilled trades to help offset employers' costs. Business Development Bank of Canada actively supports, through multiple financing solutions, the development and growth of Canadian small and medium-sized enterprises through its complementary financing, investment, and consulting services. Canadian Institutes of Health Research - Innovation and Industry Programs is run by the Government of Canada's Health Research investment Agency.
Canadian Youth Business Foundation Start-Up Financing Program provides mentoring, educational resources and start-up financing assistance to aspiring young entrepreneurs.
Communications Research Centre Canada - Industry Canadaassists small and medium enterprises develop their potential through on-site technology incubation and technology transfer through access to world-class facilities and support.
Conservation Fund from the Ontario Power Authority provides financial support to new and innovative electricity conservation initiatives designed to enable Ontario's residents, businesses and institutions to cost-effectively reduce their demand for electricity. Eastern Ontario Development Fund - Ministry of Economic Development offers a provincial government grant program to private sector companies and to qualified economic development projects of agencies, associations and NGOs. Film or Video Production Services Tax Credit Program - Canada Revenue Agency offers a Federal refundable tax credit for foreign producers for labour expenditures rendered in Canada by Canadian residents.
Industrial R & D Fellowships - Natural Sciences and Engineering Research Council of Canada offers financial assistance for companies to hire a recent PhD graduate for a two-year period to undertake a research project (or projects) of importance to the company, and to evaluate the post doctoral fellow for potential long-term employment. Industrial Research Assistance Program - National Research Council Canada is Canada's premier innovation assistance program for small and medium-sized enterprises. Internship Program with Innovative Small and Medium-sized Enterprises - National Research Council Canada provides financial assistance to innovative Canadian small and medium-sized enterprises to hire post-secondary graduates. Ontario Book Publishing Tax Credit (OBPTC) offers tax credits to Ontario publishing companies to publish and promote works by a Canadian author. Ontario Business Research Institute Tax Credit (OBRITC) provides a refundable tax credit program for qualifying corporations incurring qualified expenditures in respect of SR & ED under an eligible contract with an eligible ERI.
Ontario Centre of Service is a major Government of Ontario commercialization initiative to provide eligible technology-based start-ups with different programs to support technology development, market potential analysis, prototype development, early customer trials, promotion and patenting costs. Ontario Computer Animation and Special Effects Tax Credit (OCASE) provides Ontario tax credits for computer animation and special effect activities in film or TV productions. Ontario Film and Television Tax Credit (OFTTC) offers an Ontario refundable tax credit for film and video productions. Ontario Job Connect provides training subsidies for employers who train youths out of school, out of work, not currently in a training program. Ontario Research Fund - Ontario Ministry of Research and Innovation supports the operational costs (direct and indirect) and the capital costs of research of Ontario's research community by matching funds towards projects granted by Canada Foundation for Innovation or the private sector. Ontario Summer Jobs Service provides wage support for employers hiring students for seasonal jobs during the summer. Ontario Targeted Wage Subsidy offers temporary wage subsidies to assist employers providing on-the-job experience and hiring individuals who face barriers in finding employment. Scientific Research and Experimental Development Tax Incentive Program - Canada Revenue Agency is a federal tax incentive program, administered by the Canada Revenue Agency that encourages Canadian businesses of all sizes, and in all sectors to conduct research and development in Canada. SMART Program - Canadian Manufacturers & Exporters offers financial assistance for manufacturing productivity improvement projects such as lean design and lean manufacturing, quality improvement, energy efficiency, IT best practices, and environmental impact reduction. Work-Sharing Program - Human Resources and Social Development Canada provides income support to workers eligible for Employment Insurance benefits and who are willing to work a temporary reduced work week when there is a reduction in the normal level of business activity that is beyond the control of the employer.


Many of our forms and guides are frequently updateda€”sometimes every yeara€”because of important differences that are specific to a given year.
A list of tax packages that include the return, guide, and related forms and schedules for the indicated year.
An alphabetical list to find a form or publication for a previous year by its document name. If the form or publication for the year you need is not on the list, use the current version. What happens when you don’t file income tax returns, HST returns, or corporate tax return? The best way to avoid this hassle is to file your back taxes even if you are not able to pay off the taxes owing. If you have a balance owing for 2014, the CRA will charge compound daily interest starting May 1, 2015, on any unpaid amounts owing for 2014.
If you owe tax for 2014 and do not file your return for 2014 on time, the CRA will charge you a late-filing penalty. If the CRA charged a late-filing penalty on your return for 2011, 2012, or 2013 your late-filing penalty for 2014 may be 10% of your 2014 balance owing, plus 2% of your 2014 balance owing for each full month your return is late, to a maximum of 20 months. To own a rental property in Canada you are not required to be a citizen or even a resident. Before you can file a tax return in Canada, you need to apply for a tax account number, usually referred to as Social Insurance Number (SIN) or Individual Tax Number (ITN).
Your tenant or property manager is required to pay 25% withholding tax on gross rental amount of your property to the CRA.
At the end of the year your tenant or property manager is required to issue a NR4 return which shows the rental amount paid to you during the year and the amount of non-resident tax withheld. In certain circumstances 25% withholding tax may not be required if you file the appropriate approvals before you start collecting rental income. When a non-resident sells Canadian rental property they must notify the CRA within 10 days, or face a $2,500 penalty. Our firm is specialized in non-resident tax matters and we can help you file all the required documents in a timely manner and be compliant with all the CRA reporting requirements.
Contact our office if you still need help completing your 2014 self-employed business tax returns. These fraudulent communications typically insist that this personal information is needed so that the taxpayer can receive a refund or benefit payment. We encourage all our clients to contact our office before responding to emails, phone call, text messages, or letters. The Canada Revenue Agency (CRA) allows taxpayers to deduct moving expenses if they move closer to work or school.
Despite the Taxpayers testimony and evidence The Tax Court sided with the Canada Revenue Agency and concluded that the urban route is the most appropriate route to measure the distance between the new place of work and the old home. Cheema & Associate CPA Professional Corporation is an accounting firm located in Brampton, Ontario at the main intersection of Kennedy Rd S and Clarence St. Personal tax has evolved over the years with strict regulations imposed by the Canada Revenue Agency.
Our uniquely designed tax programs can assist you with complying with the complicated provisions of the Income Tax Act (ITA) while minimizing tax liabilities. Tracking Canadians emigrating to other parts of the word has become a serious challenge for the Canada Revenue Agency (CRA).
This is exactly what happened with a Calgary family living in China for the past several years and filing tax returns as residents. The housing market in Toronto and the suburbs has been booming over the last several years. The Mobile App allows users to add in their different CRA accounts and pop-up reminders of payments and due dates.
I would like to see the CRA connect the app to My Business Account allowing business owners to see information on the go.
As tax season approaches, we are bombarded with the usual spam emails from “Canada Revenue Agency” that mention special credits or refunds that we can only get if we follow the link listed and submit information online. After the last annual calculations of your fiscal activity, we have determined that you are eligible to received a tax refund of 655,55$.
Note : A refund can be delayed a variety of reasons, for example submitting invalid records or applying after deadline. Its mission is to create new scientific knowledge and to enable its translation into improved health, more effective health services and products, and a strengthened Canadian health care system. Investments are generally made in the form of a convertible debenture (loan) in return for a nominal equity position. It is available to corporations that carry out scientific research & experimental development work in Ontario. We have the expertise to negotiate with the Canada Revenue Agency to setup a payment plan until the amounts are paid off. The penalty is 5% of your 2014 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months.
Owning a rental property in Canada can be profitable if you understand the Canadian tax laws that apply to non-resident individuals.
However, if you have Canadian source income you will be required to comply with Canada’s tax laws and file a annual income tax return. If you are a non-resident and need to file a tax return, you can submit an application to receive an ITN number.


This has to be done on a monthly basis usually on or before the 15th day of the month following the month the rental income is paid to you.
Since Anthony has already paid taxes of $5,000 (which was based on the gross income of $20,000) the CRA will refund the extra taxes paid. CRA imposes strict penalties on individuals who miss deadlines and these penalties can be high as $2,500 per tax payer. Other communications urges taxpayers to visit a fake CRA website where the taxpayer is then asked to verify their identity by entering personal information. To qualify, the new residence should be at least 40 kilometers closer to work or school (measured by the shortest usual public route).
Your local Brampton tax accountants can professionally prepare your tax return while maximizing your refund by designing and catering unique tax planning strategies. We can structure your business to maximize profitability and minimize tax risks.Contact us for your 2014 corporate tax returns. This has allowed investors from all over the world to cash in. The strategy was to purchase a newly constructed home or condominium unit from the builder and sell it a few months later for profit.
They were able to determine a large number of investors never even moved into the newly constructed property but they had sold it few months after they took possession.
Even if you did not know that the CRA does not use email, there are other clues imbedded in the text.
And next time one of these appear in your inbox, DO NOT click the link and DO NOT provide any financial information. That’s right, they calculate your income based on past years income and assess you an arbitrary tax amount.
In addition, the CRA will charge you interest on the penalties starting the day after your return is due. The Canada Revenue Agency imposes hefty interest and penalties on non-resident individuals if they don’t file Canadian income tax returns correctly. The CRA imposes interest and penalties if the tax payer does not withhold and remit tax on a monthly basis. In 2015, his property manager in Canada withheld and remitted non-resident tax of $5,000 (25% of the gross rental income of $20,000) to the CRA withholding tax division.
These are SCAMS and taxpayers should NEVER respond to these fraudulent communications, or click on any of the links provided. We can assist you with the tax audit process starting from the information gathering stage to negotiation with the tax authorities. Tax has evolved over the years with strict regulations imposed by the Canada Revenue Agency. We can assist you with the tax audit process – starting from the information gathering stage to negotiation with the tax authorities. This strategy seemed like people had finally figured out how to pull ahead in this struggling economy.
In this case they would not qualify for the rebate and they would be required to pay the HST balance to the CRA. I had expected they would add in an accountant component allowing me to access client records on the go (much like they did with My Business Account). The arbitrary assessment amount usually does not take into account any of the tax credits or breaks that could apply.
We have the expertise to file your back taxes and get the arbitrary amounts corrected through appeals and amendments. We can professionally prepare your tax returns while maximizing your refund by designing and catering unique tax planning strategies. A lot of investors had already sold the property and had failed to collect HST on the sale, which would mean they were still required to pay back the HST. This was a sticky situation with some investors on the hook for over $24,000.
And the reason that these spams continue to flood our inboxes is because they must work, meaning people must be clicking links that will result in computer viruses. Secondly, you will know what your refund was last year because it will be on your copy of the tax return and on your notice of assessment. The CRA will apply interest and penalties on the arbitrary amounts and send out a notice of assessment. We prepare and file the returns with great detail to avoid unwanted audits and future re-assessments. With the Canada Revenue Agency (CRA) only taxing half of the capital gain this was the right way to retain your money. Or worse, filling out personal financing information which will allow a scammer to access personal funds. The Taxpayer had indicated that the urban route was inefficient because of the construction on the route.
The $ will be in front of the amount and a period, not a comma will always separate the dollars and cents.
Another clue is that you will probably not remember ever providing your email address to the CRA.
And another is that the link itself does not look like it takes you to the Canada Revenue Agency.



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