The CRA and Unreported Cryptocurrency
With the rise of cryptocurrency, the Canada Revenue Agency (CRA) has become increasingly vigilant in ensuring Canadians report all taxable income, including earnings from cryptocurrency. Although many crypto transactions occur online and may seem anonymous, the CRA has developed sophisticated methods for identifying unreported income from digital...
CRA’s Offshore Audits: What You Need to Know
CRA’s Offshore Audits: What You Need to KnowIn recent years, the Canada Revenue Agency (CRA) has significantly ramped up its efforts to combat offshore tax evasion. With the global economy becoming increasingly interconnected, CRA’s focus on offshore audits is more critical than ever for taxpayers with international financial...
Unreported Income and the Canada Revenue Agency
In Canada, the obligation to report income accurately to the Canada Revenue Agency (CRA) is not just a legal requirement but a cornerstone of our tax system. However, instances of unreported income can arise due to various reasons, sometimes inadvertently, leading to potential legal implications with the CRA.Understanding Unreported...
Understanding the Voluntary Disclosure Program: When is a Disclosure Truly Voluntary?
The Canada Revenue Agency’s (CRA) Voluntary Disclosure Program (VDP) offers taxpayers a chance to correct past errors or omissions without facing penalties or prosecution. However, for a disclosure to qualify under this program, it must meet specific criteria, with the most critical being that the disclosure is voluntary. This blog will delve...
Understanding Canadian Tax Laws for Expatriates
Moving to a new country like Canada can be an exciting adventure for expatriates, but it also comes with certain tax implications that must be carefully navigated. For expatriates residing in Toronto, the Greater Toronto Area, and other locations, understanding Canadian tax laws is crucial to ensure compliance and minimize tax liabilities. In...
Tax Considerations for Toronto Freelancers and Independent Contractors
As a freelancer or independent contractor in Toronto, you enjoy the freedom and flexibility of being your own boss. However, along with this independence comes the responsibility of managing your taxes effectively. Understanding the unique tax considerations for freelancers and independent contractors in Toronto is essential for ensuring...
CRA Penalties and Interest
When taxpayers owe money to the Canada Revenue Agency (“CRA”), the amounts can quickly rise because the CRA charges interest on top of the amount owing. Additionally, if you file late, the CRA will hit you with penalties, and they even charge interest on those penalties. Before you know it the amount you owe could be insurmountable.Interest...
What if CRA denies your Voluntary Disclosure?
Voluntary Disclosure - Judicial Review and Second Administrative Review
What if CRA denies your Voluntary Disclosure?
After filing a complete Voluntary Disclosure Application, Canada Revenue Agency (CRA) will eventually advise by letter if the voluntary disclosure has been...