If you have received mail from the Canada Revenue Agency (CRA) regarding previously filed GST returns it is likely part of their GST compliance campaign.
In December 2016 and March 2017, the Canada Revenue Agency (CRA) launched a pilot project GST compliance campaign and sent over 750 letters to businesses registered for GST/HST. The letter asked businesses to review amounts filed on prior period GST returns and confirm whether the amounts were correct, or make changes if necessary.
The letters were mailed to those suspected of having errors on their GST returns and were selected based on an expected level of risk. Another 2,500 letters were mailed in June 2017 and there are plans to send another 2,500 in September 2017.
If you would like more information or have any questions, feel free to contact us at 780.466.6204, or click here to send us an email.
Thanks to Stephanie Kwan of KWB Chartered Accountants for providing this content.
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Personal Services Business (PSB)
In the past, it was OK and even advisable to conduct business through an incorporated company even if PSB rules applied.
With recent changes to the rules, though, this is no longer true. So what are these changes, and what do they mean to you?
Companies with Internet Based Sales
Do you sell any products or services online?
If your answer is yes, the CRA has introduced a new form that needs to be filed with your corporate tax return. Schedule 88 on Internet Business Activities is required if your business earns income from any websites, or is involved in any of the following:
Cost of Being Found to be a Personal Services Business (PSB)
We often hear about individuals who decide to incorporate while working as an employee for a business. But is it really beneficial to do so?
Let’s look at an example. Joe works as an employee and earns employment income (a T4 slip) in Alberta. On July 1, he incorporates. Although he has incorporated, he continues
Tuition and Education Amounts
As a student, you may be wondering what deductions you can make on your tax return. Can you claim the cost of textbooks? Can you transfer your credits to someone else?
What deductions can I claim?
There are three credits available: tuition, education, and textbook amounts. These are non-refundable tax credits that can be
EI for the self-employed
An advantage to being self-employed is that you don’t pay into Employment Insurance (EI) like employees do.
However, a program was introduced in 2010 which allows self-employed individuals to opt in to pay Employment Insurance (EI) premiums. Now that this has been in effect for a number of years, let’s revisit some of the key
CRA Online Mail
Tired of waiting for snail mail? The Canada Revenue Agency (CRA) now allows you to receive some of their correspondence electronically through their My Account service.
What correspondence does this apply to?
Notices of Assessment (issued after February 9, 2015)
Notices of Reassessment (issued after February 9, 2015)
Tax Free Savings Account letters (issued after
Taxpayer Bill of Rights
There are 16 rights set out in the Taxpayer Bill of Rights that you should expect when dealing with the CRA. These apply regardless of whether you are an individual or own a business. Their goal is to increase transparency, accountability, and to improve the quality of service they provide.
You have a right to:
Electing out of CPP payments
Did you know that if you are receiving CPP benefits, are still working and are between the ages of 65 and 70, you can elect to stop making CPP contributions.
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Apprentice Tax Credit
If you have apprentices working for you, then you should be taking advantage of the apprenticeship job creation tax credit. (Apprentice Tax Credit)
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New Home Rebate
Buying or building a new home? Did you know that if you purchase a new home or have substantially renovated your own, you can claim a rebate on the GST or HST you paid through CRA’s new home rebate.
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Must be you or your relation’s primary
Have you ever wondered about CRA statistics like how many tax returns get filed each year or how much Canadians pay in taxes each year? Earlier this year, CRA released their 2014-2015 Annual Report to Parliament which included the following CRA statistics:
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Small Business Deduction
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Budget 2016 released by the federal government has introduced
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The Canada Revenue Agency (CRA) made a major change to the Principal Residence Exemption that affected Canadians when filing their 2016 tax returns. Regardless of whether the sale is exempt or not, individuals are now be required to report the sale of their principal residence on their personal tax return.
Under the Principal Residence Exemption
Many companies may experience a Canada Revenue Agency (CRA) audit. Here’s what you need to know:
Types of Audits:
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CRA Service Standards
CRA service standards have been set by the CRA to give you an idea how long it should take to receive a response to your submission.
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Document or Service
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If you have a professional corporation then the new work in progress tax rules will likely affect you!
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