Forgiving deadlines
Article Abstract:
Revenue Canada has launched a program called the Fairness Package to address some of the problems taxpayers encounter when paying or filing their taxes. The program, which was introduced in 1991, includes provisions for natural or man-made disasters, social situations, accidents, illnesses, and information errors of Revenue Canada itself. Taxpayers have benefited from the program in situations including late-remittances of non-resident withholding tax, late filing of returns for children, late completion of T1 adjustments, and late filing of trust returns.
Publication Name: CA Magazine
Subject: Business
ISSN: 0317-6878
Year: 1997
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Tax preparers beware
Article Abstract:
Chartered accountants and taxpayers should become aware of Revenue Canada's new foreign reporting rules and the penalties involved. The rules require resident taxpayers to file information with Revenue Canada regarding their exportation of funds or property from Canada which excludes them from paying Canadian tax. Accountants should also obtain a written acknowledgement from clients that they are aware of the new reporting requirements.
Publication Name: CA Magazine
Subject: Business
ISSN: 0317-6878
Year: 1997
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Tax season surprise
Article Abstract:
The expansive alterations to shareholder loan regulations made by the Department of Finance in Canada include objectionable stipulations for shareholder-employees. Hence, shareholder-employees should be wary of applying for loans from their corporate employers in the future. Shareholder loan policies aim at inhibiting individual shareholders from taking out loans from their companies without paying taxes.
Publication Name: CA Magazine
Subject: Business
ISSN: 0317-6878
Year: 1997
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