If a corporation (including a for profit or non-profit corporation) fails to deduct, withhold, remit or pay amounts held in trust for the Receiver General for Canada (CPP, EI and GST/HST), the directors of the corporation at the time may be held personally liable along with the corporation to pay the amount due. This amount […]
If you owe money to any of the tax authorities because you failed to file a return for one or more years, you can make a voluntary disclosure. You will pay only the tax due plus interest. No penalties will be assessed. You have to make a complete disclosure. The information can be less than […]
Every business owner should be concerned about creditor proofing his assets. Here are several suggestions to consider:
1. Transfer assets out of the company:
Place capital assets in a separate holding corporation so that subsequent legal claims that arise in the operating company do not affect these assets.
Lease the assets in the holding corporation back […]
The 2013 Federal Budget introduced the concept that Canada Revenue Agency (CRA) will pay financial rewards to individuals who provide information on major international tax evasion. CRA could pay up to 15{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} of federal tax collected if the reassessments are in excess of $100,000. Penalties, interest and provincial taxes will be excluded.
Persons requesting rewards will […]
