Canada Revenue Agency Income Tax: Tax Fraud Tax Payer Tax Rate
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Tax Audit, Here’s How it Works.
An interesting news about income tax audit came to my attention recently.
In Germany, a restaurant operator was flagged for tax audit, because his purchase of supplies did not match with the amount of revenue he was reporting.
The restaurant in a working class neighborhood of Saxony, makes larger than average schnitzels for its customers. Its giant schnitzel servings are very popular with his customers. He serves about 70 dishes a day of this lavish meal.
But according to Tax Auditors, they believe the restaurant sells 200 servings daily, based on the amount of
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Happy Thanksgiving
Today is Thanksgiving. We are expressing our heartfelt thanks to all our clients, partners, associates for a wonderful year. We hope all of you are having a magical time, with your family and loved ones, this Thanksgiving day.
While you are enjoying this day, we are doing research on current CRA activities and soon, we will post some very important information about the state of Canadian Tax and what it means for your money. You already know that payroll tax will increase from January 1, 2011. There are some more tax increase on the horizon. We will put them in detail here in coming days.
Banks Are Winning No Matter What
In the course of doing taxes I see many financial statement about investment and earnings. RRSP statements, Stock transactions, capital gains statements etc. Each time you do a stock transaction (buy or sell) your bank or brokerage firm takes a commission/fee out of your account. To my understanding it only takes few clicks of computer keyboard to complete any stock transaction. For that service, your stock broker will charge you any where from $100-$300.
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Want to Avoid Tax? Denounce your Citizenship!
An increasing number of US citizens and green card holders want to give up their green cards or US citizenship after the country’s heavy budgetary deficit and a drive to trace unreported income through tighter tax laws and disclosure norms.
Tax laws in the US empower the Internal Revenue Service (IRS), to tax global incomes of those holding US citizenships or the green card. According to reports published internationally, more »
A “human being” is fined $43,830 for tax evasion
In a recent news release CRA officials notified that James Bradford Medd 67, (a human being) was found guilty in Ontario Court of Justice in Lindsay on Sept. 21 on four counts each of Income Tax and Goods and Services Tax (GST) evasion, relating to tax years 2003 through 2006.
On Wednesday (Sept. 29), he was fined $43,830, and given one year to pay the fine.
The CRA investigation into his bank and business records stemmed from a routine audit and included an execution of a search warrant at his residence. more »