Canadian residents are taxed on their worldwide income. If you have a pension from a foreign country you are required to report it on your
What are the penalties and interest for unreported income?
If you are a Canadian resident, you are required to report all of your worldwide income, including foreign pensions, on your tax return each year.
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What to do if you over-contribute to your TFSA
If you contribute more than your available contribution room to your Tax Free Savings Account (“TFSA”) you will have to pay a tax equal to
Watch out for double conversion fees on your foreign currency account
If you have a foreign currency account with a Canadian bank, watch out for double conversion fees. Double conversion fees occur when you withdraw money
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CRA raised its prescribed rate of interest
The Canada Revenue Agency (“CRA”) recently raised its prescribed interest rate that it charges on tax debts from 6% to 7% per annum. This is
Why Building Contractors Should Come in From the Cold
Last week I wrote an article about how the Canada Revenue Agency (“CRA”) used the “unnamed person” provisions of the Income Tax Act to
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CRA Audits the Construction Industry
The Canada Revenue Agency (“CRA”) has targeted the construction industry for several years. On numerous occasions it has successfully used the “unnamed person requirement”
Defences to directors’ liability assessments by the CRA
If you’re a company director you can be held personally liable for your company’s failure to collect and remit payroll deductions (Canada Pension Plan and
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Court allows taxpayers’ appeals because of CRA’s failure to comply with its disclosure obligations
The Tax Court of Canada allowed appeals of three taxpayers from gross negligence penalties on the basis that the Canada Revenue Agency(“CRA”), with the assistance
Why you should not transfer your property to your spouse if you owe taxes
If you owe taxes to the Canada Revenue Agency (“CRA”) and you transfer property to your spouse or other non-arms length person for less than
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