SHOULD YOU FILE YOUR INCOME TAX RETURN IF YOU CAN’T PAY? Suppose you are (or your corporation is) ready to file your income tax return, or a GST/HST return, by the filing deadline (which might be, say, April 30 or June 15). But you don’t have enough money to pay the balance. Should you file anyway? We […]
The days of the Canada Revenue Agency taking a kinder, gentler approach to its relations with taxpaying business owners are long gone. From employing sophisticated algorithms to tightening rules around its own Voluntary Disclosure Program, Ottawa has become accustomed to using increasingly aggressive tactics to collect overdue taxes and punish alleged tax cheats. In some […]
In recent weeks we saw the publication of a landmark investigation into U.S. President Donald Trump’s business dealings surrounding the sweeping real estate empire built by family patriarch Fred Trump, all the way up to the present-day management of the business under Trump scions Donald Jr. and Eric. Indeed, the venerable New York Times declared […]
If you’ve had reason to phone the Canada Revenue Agency of late, you may have experienced a long wait to speak to an agent—if anyone bothered to take your call. The anecdotal experiences of our accountants and clients has been confirmed in a new Auditor General’s report that sheds light on communication shortcomings at the […]
Small business owners in Ontario are getting a break on their taxes. This week Minister of Finance Charles Sousa delivered a fall economic statement that will lower the corporate small business income tax rate on the first $500,000 of business income to 3.5 per cent from 4.5 per cent, by January 1, 2018. The change […]
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