Have you ever wondered how your personal assets would be affected should the CRA send you an advisory or audit for collections? Here are eleven tips that will help safeguard small business owner’s personal asset’s from CRA collections.
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Entries by Chris Hammond
Every business owner should be concerned about creditor proofing his assets. Consider these suggestions:
The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It ensures a measure of protection to a contributor and their family caused by the loss of income due to retirement, disability and death.
When deciding as to whether a salary should be paid to a family member, or more specifically to one’s spouse, numerous questions arise.
If you run your own business or you are self-employed, you may be tempted to report only part of your income to the tax authorities. Or you might consider suppressing information about your activities.
Voluntary Disclosure Program If you owe money to any of the tax authorities because you failed to file a return for one or more years, you should take advantage of the voluntary disclosure program.
One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as a van, bus, pickup truck, station wagon, SUV, or other truck). Many individuals use their vehicles for work or business and incur personal expenses in doing so.
What if I Can’t Pay my Taxes? First of all – don’t panic! You’re not alone; many taxpayers have found themselves in financial distress and unable to pay immediately.
Recently, CRA auditors reviewed municipal building permits in smaller communities. The auditors were checking for unregistered small-town subcontractors’ worksites. The result was that of the over 8,000 building permits reviewed about 33% were for unregistered building contractors. More than $4,400,000 in tax was collected.
To combat unreported foreign income, the Federal Government 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% of federal tax collected if the reassessments are in excess of $100,000. Penalties, interest and provincial taxes will be excluded.