Many employees are facing thousands of dollars in back income taxes and interest charges after the Canada Revenue Agency (CRA) found that certain taxable benefits were not properly reported as employment income on the employees’ personal income tax returns, says an EY Tax Alert.
Every Monday, we look at the ABCs of cash flow management.
The federal New Democrats are calling upon federal Finance Minister Jim Flaherty to open up on how the government plans on co-operating with the U.S. Foreign Account Tax Compliance Act.
If your U.S. taxpayer clients hold Canadian mutual funds outside registered accounts, listen up.
CRA has announced a new plan to support small and medium-sized businesses to comply with tax rules.
General Motors says a CRA decision to ignore longstanding advice the tax agency gave it about how managers should claim company cars isn’t fair, while CRA says the company should move with the times, the Globe and Mail reports.
Poor planning means big bills
If clients aren’t explicit about designations, there can be big consequences.
We walk through three taxing scenarios
A look at the tax consequences