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  • New T4 Reporting Requirements for 2020

    August 28, 2020

    Image by mohamed Hassan from Pixabay New T4 Reporting Requirements for 2020 Date: August 26, 2020 Source: Government of Canada For the 2020 tax year, the Canada Revenue Agency (CRA) will be introducing additional reporting for the T4 slip, Statement of Remuneration Paid. Additional reporting requirements will apply to all employers, and will help the CRA validate payments under the Canada Emergency Wage Subsidy (CEWS),...

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  • IRS Assesses 5 Million FBAR Penalty for Signature

    August 28, 2020

    Image by ijmaki from Pixabay Seriously? IRS Assesses US$5.1 Million FBAR Penalty for “Signature Authority” Date: August 27, 2020 Source: US-Tax.org Author: V. La Torre Jeker JD I have been keeping readers up to date with the current controversy surrounding imposition of an FBAR penalty for “willful” violations – is it limited to a $100,000 cap or can the penalty, if greater,...

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  • CRA Examination of Canadians Owning US Real Estate

    July 24, 2020

    CRA Launches Massive Examination of Canadians Owning US Real Estate Source: Levy Salis Author: Shlomi Steve Levy and Sergei Titorenko Date: July 23, 2020 Scope of the Examination As part of this examination, the CRA has announced that it is seeking a provider to compile information on US real estate data on transactions to which Canadians were parties, whether as...

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  • Albertas new Innovation Employment Grant

    July 23, 2020

    New grant program makes Alberta most attractive place for start-ups, says government   EDMONTON — Come the new year, Alberta-based start-ups could be eligible to receive up to 20 per cent of their research and development costs, the province announced in Edmonton Wednesday. The Innovation Employment Grant will provide phased funding for small and medium-sized businesses: at minimum, eight...

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  • Proposed changes to Alberta’s employment standards and labour relations rules

    July 8, 2020

    Proposed changes to Alberta’s employment standards and labour relations rules supports economic recovery and restores balance in the workplace. Source: Alberta Government Date: July 7, 2020 Below are just select points we have highlighted from a couple sections, to see all the points and sections, please see the release on The Government of Alberta’s website. Restoring balance and economic...

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  • Kenney promises infrastructure spending and corporate tax cut

    June 30, 2020

    Kenney promises $10 billion in infrastructure spending, immediate cut to corporate income tax rate to boost economy Source: Edmonton Journal Author: Ashley Joannou Date: June 20, 2020 The Alberta government is promising billions of dollars worth of infrastructure spending and an immediate cut to the corporate income tax rate as part of an effort to boost the economy. At...

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  • CRA to search US real estate transactions for Canadians hiding income

    June 29, 2020

    CRA to search U.S. real estate transactions for Canadians hiding income Source: Toronto Sun The CRA is looking for records on Canadian property transactions in the U.S. including municipal addresses, names of owners, square footage, sales histories and property tax assessments, according to Blacklock’s Reporter. It will look into sales starting in 2014. “The agency requires U.S. real estate and...

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  • CRA: Final Update to COVID-19 Business Continuity Plan

    June 18, 2020

    Update: National COVID-19 Business Continuity Plan – June 16, 2020 Source: CRA Date: June 16, 2020 “This is the final update to the National BCP and the Agency will transition from operating under a critical services mode to a business resumption mode on June 26, 2020.” “…the Agency is currently working on the National Business Resumption Plan (NBRP) that...

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  • Call in the accountants to fix the flaws in emergency programs

    May 4, 2020

    Memo to Morneau: Call in the accountants to fix the flaws in emergency program Opinion: Accountants are the ones on the ground with direct firsthand knowledge of the problems people are facing. We have good ideas and are eager to help Source: Financial Post Author: Neal Winokur ince that fateful day, March 13, when the federal government announced that...

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  • credit card customer refunded almost $7,500

    May 1, 2020

    Credit card customer refunded almost $7,500 Some people charged for credit card insurance they didn’t sign up for are getting big refunds Source: CBC News Author: Yvonne Colbert It’s not every day a bank refunds thousands of dollars, but that’s what’s happening for some people who checked their credit card statements after reading a CBC story about credit card insurance in early...

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