Tax audits – Investment Executive https://www.investmentexecutive.com Canada's news source for financial professionals Wed, 22 Jan 2025 20:25:11 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://www.investmentexecutive.com/wp-content/uploads/sites/3/2018/01/cropped-favicon-1-32x32.png Tax audits – Investment Executive https://www.investmentexecutive.com 32 32 Tax reminder: Clients with short-term rental income must comply with rules or lose deductions https://www.investmentexecutive.com/news/industry-news/tax-reminder-clients-with-short-term-rental-income-must-comply-with-rules-or-lose-deductions/ Wed, 22 Jan 2025 20:25:11 +0000 https://www.investmentexecutive.com/?p=500729 Non-compliance results in denial of expense deductions, raising taxable income

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]]> CRA doubles number of identified global high-wealth groups over 5 years https://www.investmentexecutive.com/news/industry-news/cra-doubles-number-of-identified-global-high-wealth-groups-over-5-years/ Mon, 11 Nov 2024 20:04:35 +0000 https://www.investmentexecutive.com/?p=496452 CRA has identified more than 2,500 groups that belong to the GHW population

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]]> Proposed CRA audit powers sound alarms https://www.investmentexecutive.com/newspaper_/news-newspaper/proposed-cra-audit-powers-sound-alarms/ Tue, 05 Nov 2024 19:00:00 +0000 https://www.investmentexecutive.com/?p=495948 If proposals pass, CRA can impose harsh new penalties and compel taxpayer testimony under oath

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]]> CRA updates rein in ‘overbroad’ mandatory disclosure regime https://www.investmentexecutive.com/news/industry-news/cra-updates-rein-in-overbroad-mandatory-disclosure-regime/ Mon, 26 Aug 2024 20:48:54 +0000 https://www.investmentexecutive.com/?p=491620 Administrative changes are welcome in an area fraught with uncertainty

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]]> Legal action coming to recover Covid benefit overpayments: CRA https://www.investmentexecutive.com/news/industry-news/legal-action-coming-to-recover-covid-benefit-overpayments-cra/ Thu, 27 Jun 2024 18:10:23 +0000 https://www.investmentexecutive.com/?p=488533 Actions may include taking payments from wages or bank accounts

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]]> CRA’s focus on real estate audits paying off https://www.investmentexecutive.com/news/industry-news/cras-focus-on-real-estate-audits-paying-off/ Mon, 08 Apr 2024 16:26:43 +0000 https://www.investmentexecutive.com/?p=483332 Agency assessed $2.7 billion in additional tax and penalties from 2015 to 2023

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]]> CRA claws back $458 million in pandemic-era wage subsidies after partial audit https://www.investmentexecutive.com/news/from-the-regulators/cra-claws-back-458-million-in-pandemic-era-wage-subsidies-after-partial-audit/ Mon, 20 Nov 2023 20:10:54 +0000 https://www.investmentexecutive.com/?p=475670 Most adjustments were related to calculation errors and lack of documentation rather than ineligibility

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]]> Help clients get value from tax prep services https://www.investmentexecutive.com/insight/columns/help-clients-get-value-from-tax-prep-services/ Wed, 23 Aug 2023 19:00:31 +0000 https://www.investmentexecutive.com/?p=470491 Amid automatic tax filing, a proactive approach is required

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]]> CRA removes guidance flagged by Taxpayers’ Ombudsperson https://www.investmentexecutive.com/news/industry-news/cra-removes-guidance-flagged-by-taxpayers-ombudsperson/ Fri, 14 Jul 2023 16:30:44 +0000 https://www.investmentexecutive.com/?p=468734 Agency had been directing taxpayers to contact a CRA official before speaking with their tax advisor

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]]> IRS collects $38 million from more than 175 high income tax delinquents https://www.investmentexecutive.com/news/research-and-markets/irs-collects-38-million-from-more-than-175-high-income-tax-delinquents/ Fri, 14 Jul 2023 15:21:35 +0000 https://www.investmentexecutive.com/?p=468756 Agency appears to be making a case for sustained funding as it tries to avert budget cuts

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