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Tuesday's Tax Tidbits- Latest Income Tax Info (New money saving Income tax tips every Tuesday) - May 8, 2012
CRA to stand behind advice to business
Canada’s new Revenue Minister, Gail Shea said that in future, when the Canada Revenue Agency gives a business written advice, it will honour that information even if it turns out to be wrong.
And businesses that register for on-line accounts with the CRA will have a right to expect answers to their questions in writing. The main condition appears to be that the new rules will apply only if the business making the inquiry has provided the CRA staff person making the response with all the relevant information.
Read More Tax Saving Tips..Voluntary Disclosure:
Are you considering a voluntary disclosure (VDP or tax amnesty application) to the Canadian tax department for unflled Canadian income tax returns or undeclared income, but are feeling confused due to all of the conflicting information on the internet?
Are you afraid of a sinister "tax man" or "tax police" in dark glasses waiting to pounce on you and throw you in jail for tax evasion or not filing tax returns?
Nothing could be further from the truth. You CAN sleep at night, despite the fear mongering that you may have seen to the contrary.
The Canadian income taxation system is based on self-assessment. Taxpayers sometimes fail to report all income that they should, either through inadvertence or due to the extreme complexities of the Canadian tax system.
The purpose of the Canada tax amnesty program is to encourage Canadian taxpayers to voluntarily comply with their income tax obligations. Prosecution would be contrary to the goals of the VD program and contrary to the published guidelines (binding on CRA) that make it clear there will be no prosecution.
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Find useful tax tips on Canadian Income Taxation suggested by experienced Canadian Tax Lawyers. Proper Tax Planning can reduce your Canadian income taxes owing.
