News & Events
Keeping you up to date on matters of note, industry events, news and company updates.

TAX ON SPLIT INCOME

March 12th, 2019

Rules concerning tax on split income (“TOSI”) have existed since 1999. These rules previously prevented the allocation of certain dividends and capital gains to individuals under the age of 18 by subjecting such amounts to the…

CRYPTOCURRENCIES

March 11th, 2019

Since 2017, there has been a dramatic rise in cryptocurrency transactions such as Bitcoin and other blockchain-based cryptocurrencies. The CRA continues to consider cryptocurrencies to be property for Canadian income tax purposes. Accordingly, any trades or…

BE AWARE OF TELEPHONE AND EMAIL SCAMS

March 8th, 2019

It is important to be vigilant of scams throughout the year, but especially during tax time. There has been a rise in fraudulent telephone calls, text messages and emails from individuals posing as Canada Revenue Agency…

MISSING INFORMATION SLIPS AND CRA PENALTIES

March 7th, 2019

An area of ongoing concern is the increase in CRA reviews related to unreported investment income slips, most notably T3’s and T5’s. These reviews can result in significant penalties and interest charges being assessed by the…

INTEREST AND LATE-FILING PENALTIES

March 6th, 2019

The deadline to pay all 2018 income tax amounts owing to CRA is April 30, 2019. Unpaid amounts owing on May 1, 2019 will be charged compound interest daily. Additionally, tax returns with taxes owing for…

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