Entries by Chris Hammond

Canada Pension Plan Basics

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.

Voluntary Disclosure Program

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.

Claiming Automobile Expenses

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?

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.

CRA Investigates Small-Town Subcontractors

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.

Stop International Tax Evasion Program

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.