Few issues create more tax risk for growing businesses than this one: Is the worker an employee — or an independent contractor? The distinction affects: Payroll withholdings CPP and EI Deductibility of expenses GST/HST obligations Employment standards exposure CRA penalties…
Navigating the intricacies of the Canadian tax system can be a daunting task, especially for families managing family-owned enterprises. It's not only about fulfilling tax obligations but also understanding the rights afforded to you as a taxpayer. The Canada Revenue…
Enhancing CRA Services https://www.canada.ca/en/revenue-agency/news/2024/09/the-cra-invites-taxpayers-to-share-ideas-for-service-improvements.html The CRA’s Initiative: A Brief Overview On September 2024, the CRA issued a press release inviting taxpayers, tax professionals, and businesses to share their ideas on improving its services. This initiative underscores the CRA’s commitment to…
Dealing with the Canada Revenue Agency (CRA) and staying abreast of policies from the Department of Finance are critical components of financial management and compliance for individuals and businesses. At Shajani CPA, a firm with 40 years of experience, legal…
Enhancing Tax Literacy for Teachers and Parents – Join the Movement https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/teachers-parents-join-movement-enhance-tax-literacy.html What the CRA Said On September 5, 2024, the Canada Revenue Agency (CRA) launched a new initiative to promote tax literacy among students, teachers, and parents. Tax literacy…
Imagine finding out that a simple oversight in your business’s tax planning could lead to hefty penalties, a surprise audit by the Canada Revenue Agency (CRA), or even fines reaching up to $100,000. For many family-owned enterprises in Canada, this…
Clarifying the New GST/HST Exemption for Psychotherapy and Counselling Therapy Services: What Family-Owned Enterprises Need to Know https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/clarifying-new-gsthst-exemption-psychotherapy-counselling-therapy-services.html As of June 20, 2024, a significant change has taken place in the realm of healthcare services in Canada, specifically concerning the…
Understanding CRA's Recent Advisory on Cryptocurrency Risk Indicators J5 issues notices to financial institutions about risk indicators tied to cryptocurrency assets In a significant move to bolster the fight against financial crimes involving cryptocurrencies, the Joint Chiefs of Global Tax…
The recent discussions around a potential home equity tax have sparked significant debate and concern among Canadians. Reports indicate that Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland have been in talks with the government-funded think tank Generation Squeeze…
The recent turmoil surrounding the Canada Revenue Agency's (CRA) bare trust reporting requirement has highlighted significant issues in tax administration and policy implementation. While the CRA's last-minute decision to pause the reporting requirement just days before the deadline has drawn…