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Despite the current strike involving public sector workers at the CRA, you still must file your Canadian income tax on time to avoid penalties and interest charges.
The CRA will not send text messages, or instant messages (Facebook Messenger, WhatsApp) to start a conversation with you under any circumstances.
If you receive a text or instant message purporting to be from the CRA, prompting you to click on a link or requesting information, you can safely delete it.
The Canada Revenue Agency (CRA) might email you:
- to let you know that a new message is available on your CRA website account.
- to send you a link for a webpage, form, or publication that you requested during a call or meeting with a CRA representative.
- to let you know about tax credits and benefits for individuals or online services such as My account.
It’s tax time again. If you are like others, you may feel overwhelmed by the process. Sadly, scammers are aware of this and take advantage of people's fears by trying to steal money and gain unauthorized access to personal data and financial details. The Canada Revenue Agency has seen a dramatic increase in the sophistication of scam attempts, so it is essential that you learn the difference between legitimate communication and a scam from the CRA. The best way to protect yourself from potential fraud is by learning the signs.
Numbers from the Canadian Anti-Fraud Centre show that direct calls remain the number one means of solicitation for fraudsters.
Although the CRA may contact you via phone to review your income tax and benefit return, it's important to note that legitimate government employees will always identify themselves with their name, employee number, and phone number.
When preparing your taxes, a deduction that is often overlooked is carrying charges and interest expenses. These charges are costs you incur to earn income from an investment, but only expenses for non-registered accounts will qualify.
The Canada Revenue Agency is looking to increase scrutiny to ensure compliance with tax regulations with a trend toward added corporate disclosure requirements. Businesses and their owners are facing a higher level than previously.
Having survived tax season, thousands of CPAs flock to beach resorts for 11 months of relaxation, cocktails and resting on their laurels. OK, not quite.
Nevertheless, that seems to be the general assumption. In reality, accountants have plenty to do throughout the year, whether it is tax time or not. Days are filled with audits for some organizations and financial planning for various individuals or companies. Bookkeeping is always ongoing, just as other year-round tasks are dealt with. So what does a CPA do after April? Read on to find out.
Small business owners and self-employed persons are people who follow their dreams! Whether you are an up-and-coming entrepreneur, semi-retired, or want to become your own boss, we all must play by rules.
As you start down the road, here are common mistakes people make. Here are some important tips you could use to run your business and comply with the Canada Revenue Agency (CRA) or the Internal Revenue Service (IRS) rules: