Ottawa, Ontario, April 30, 2013... The Canada Revenue Agency (CRA)
would like to advise taxpayers who have been affected by spring flooding
that they will have access to the CRA’s taxpayer relief provisions if
they were unable to meet their tax obligations.
The CRA understands that natural disasters may cause great
difficulties for affected taxpayers whose primary concerns during this
time are their families, homes, and communities. The CRA can provide
relief to these taxpayers if they were unable to file their personal
income tax returns and pay any balances owing before April 30, due to
flooding. Business owners and self-employed individuals who were unable
to meet their filing and payment obligations are also eligible for
relief.
The CRA’s taxpayer relief provisions use a balanced approach to
assist taxpayers in resolving tax issues that arise due to circumstances
beyond their control. Under these provisions, taxpayers can apply to
the CRA to have interest and/or penalties waived or cancelled in
situations where they are unable to file a tax return and/or make
payments on time because of a natural disaster. Taxpayers should submit
their request in writing using form RC4288, Request for Taxpayer Relief. The CRA will consider these requests on a case-by-case basis.
If taxpayers are unable to physically access the financial
institutions they normally depend on, the CRA’s e-services, which
include direct deposit, can provide quick access to tax payment and
account information. The CRA encourages all taxpayers to sign up for
e-services at www.cra.gc.ca/electronicservices. Taxpayers can also visit the CRA website www.cra.gc.ca/payments for other payment options.
All Canadians have access to the CRA's taxpayer relief measures and
will be considered for relief if they miss a payment or filing deadline
because their lives were disrupted by uncontrollable weather events,
including forest fires caused by lightning strikes, tornadoes, flooding,
landslides and hurricanes.
Taxpayers can find more information on the CRA Web site at www.cra.gc.ca/taxpayerrelief. They can also call the CRA at 1-800-959-8281 for individual enquiries, and at 1-800-959-5525 for business enquiries.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Tuesday, April 30, 2013
Minister Shea highlights Harper Government’s improvements to tax debt collections
Ottawa, Ontario, April 30, 2013...The Honourable Gail Shea, Minister
of National Revenue and Minister for the Atlantic Canada Opportunities
Agency, today highlighted that the Canada Revenue Agency (CRA) has made
satisfactory progress on improvements to tax debt collections, according
to the latest report from the Auditor General of Canada.
"Our Government is committed to ensuring the tax system is administered fairly for the vast majority of Canadians who work hard and pay their taxes," said Minister Shea. "I am pleased that the Auditor General has recognized the progress made since the previous report. Our Government is already taking steps to address all of the latest recommendations, and will continue to ensure tax debts are well managed."
As a result, the amount recovered has grown by 87% between 2005-2006 and 2011-2012. In fiscal year 2011-12 alone, the CRA recovered $40 billion in tax debts.
Over the last five years, over 90% of individuals and corporations paid their taxes on time and without any intervention.
In addition, an international tax benchmarking study in 2011 confirmed that the CRA’s collection approach includes many best practices employed by tax administrations around the world.
We expect CRA to aggressively pursue any debts from those that may be seeking to avoid paying their fair share," said Minister Shea. "At the same time, our Government understands that some Canadians can face difficulties in meeting their tax obligations. That is why the CRA uses a fair and balanced approach when collecting tax payments from individuals and business owners."
The tax debt is an inventory of amounts owed that are known and actively managed by the CRA. New amounts are continually added, while others are collected or addressed through other measures. The CRA has strategies in place to resolve all debts.
The Harper Government remains focused on four priorities, as outlined by the Prime Minister, that Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
"Our Government is committed to ensuring the tax system is administered fairly for the vast majority of Canadians who work hard and pay their taxes," said Minister Shea. "I am pleased that the Auditor General has recognized the progress made since the previous report. Our Government is already taking steps to address all of the latest recommendations, and will continue to ensure tax debts are well managed."
The Harper Government has focused on continuously improving
the CRA’s tax collection program through the introduction of better
strategies to prevent the debt from occurring, and supporting measures
to resolve debt before legal action is required. That has resulted in
increased productivity through earlier intervention at a lower cost.
As a result, the amount recovered has grown by 87% between 2005-2006 and 2011-2012. In fiscal year 2011-12 alone, the CRA recovered $40 billion in tax debts.
Over the last five years, over 90% of individuals and corporations paid their taxes on time and without any intervention.
In addition, an international tax benchmarking study in 2011 confirmed that the CRA’s collection approach includes many best practices employed by tax administrations around the world.
We expect CRA to aggressively pursue any debts from those that may be seeking to avoid paying their fair share," said Minister Shea. "At the same time, our Government understands that some Canadians can face difficulties in meeting their tax obligations. That is why the CRA uses a fair and balanced approach when collecting tax payments from individuals and business owners."
The tax debt is an inventory of amounts owed that are known and actively managed by the CRA. New amounts are continually added, while others are collected or addressed through other measures. The CRA has strategies in place to resolve all debts.
The Harper Government remains focused on four priorities, as outlined by the Prime Minister, that Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Friday, April 26, 2013
April 30, 2013 is the deadline to file your 2012 income tax and benefit return and pay any balance owing.
The Canada Revenue Agency (CRA) encourages you to use its quick,
easy, and secure electronic services to file your income tax and benefit
return on time and pay any amount owing by the deadline. You have until
midnight on April 30, 2013, to file your 2012 income tax and benefit return and to pay any balance owing.
If you, your spouse, or common-law partner is self-employed, your deadline to file your 2012 return has been extended until midnight on June 17, 2013, as June 15 falls on a Saturday. However, you still have to pay any balance owing by April 30, 2013.
If you have a balance owing, you can make your payment using your financial institution's telephone or Internet banking service. For more information about online payments, go to www.cra.gc.ca/payments or contact your financial institution. You can also make a payment using the CRA’s My Payment service. My Payment lets you make one or more payments in one simple online transaction. You can use this service if you have access to online banking at a participating financial institution.
For tips that will help you get ready to file your 2012 tax return, go to www.cra.gc.ca/getready.
Are you worried you can’t pay your full tax bill by April 30?
Even if you cannot pay all of your balance owing right away, you should still file your return by April 30 to avoid a late-filing penalty. If you can't pay the full amount of tax you owe, you may be able to make a payment arrangement. If the CRA agrees that you are not able to make a full payment, we can work with you to develop a plan to help you pay your taxes. For more information, go to www.cra.gc.ca/paymentarrangements or contact us at 1-888-863-8657. Our agents are available Monday to Friday (except holidays) from 7 a.m. to 11 p.m., Eastern time.
If you need help at tax time, the Tax Information Phone Service (TIPS) is an automated telephone service that provides personal and general tax information to individuals. You can call TIPS at 1‑800‑267‑6999. The CRA is also offering extended evening and weekend hours on the individual income tax enquiries telephone lines until April 30, 2013. This service is available at 1‑800‑959‑8281.
For more information on our telephone service extended hours, go to www.cra.gc.ca/extendedhours.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
If you, your spouse, or common-law partner is self-employed, your deadline to file your 2012 return has been extended until midnight on June 17, 2013, as June 15 falls on a Saturday. However, you still have to pay any balance owing by April 30, 2013.
If you have a balance owing, you can make your payment using your financial institution's telephone or Internet banking service. For more information about online payments, go to www.cra.gc.ca/payments or contact your financial institution. You can also make a payment using the CRA’s My Payment service. My Payment lets you make one or more payments in one simple online transaction. You can use this service if you have access to online banking at a participating financial institution.
For tips that will help you get ready to file your 2012 tax return, go to www.cra.gc.ca/getready.
Are you worried you can’t pay your full tax bill by April 30?
Even if you cannot pay all of your balance owing right away, you should still file your return by April 30 to avoid a late-filing penalty. If you can't pay the full amount of tax you owe, you may be able to make a payment arrangement. If the CRA agrees that you are not able to make a full payment, we can work with you to develop a plan to help you pay your taxes. For more information, go to www.cra.gc.ca/paymentarrangements or contact us at 1-888-863-8657. Our agents are available Monday to Friday (except holidays) from 7 a.m. to 11 p.m., Eastern time.
If you need help at tax time, the Tax Information Phone Service (TIPS) is an automated telephone service that provides personal and general tax information to individuals. You can call TIPS at 1‑800‑267‑6999. The CRA is also offering extended evening and weekend hours on the individual income tax enquiries telephone lines until April 30, 2013. This service is available at 1‑800‑959‑8281.
For more information on our telephone service extended hours, go to www.cra.gc.ca/extendedhours.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Thursday, April 25, 2013
What’s new for trusts?
Did you know?
Trustees can now apply for a trust account number before filing their T3RET, T3 Trust Income Tax and Information Return. A trust account number is an identifier starting with the letter “T” followed by an eight-digit number.
How to apply for a trust account number
Apply for a trust account number using Form T3 APP, Application for Trust Account Number.
What information is needed?
To process your application, we need a completed and signed Form T3 APP with a signed copy of the trust document or will.
Important facts
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canad
Trustees can now apply for a trust account number before filing their T3RET, T3 Trust Income Tax and Information Return. A trust account number is an identifier starting with the letter “T” followed by an eight-digit number.
How to apply for a trust account number
Apply for a trust account number using Form T3 APP, Application for Trust Account Number.
What information is needed?
To process your application, we need a completed and signed Form T3 APP with a signed copy of the trust document or will.
Important facts
- Once the Canada Revenue Agency (CRA) has assigned a trust account number to the trust, please include this number on all correspondence related to the trust to simplify dealings with us.
- If you want to apply for a trust account number for someone, or you want to authorize a person to apply for you, we need a completed and signed Form T1013, Authorizing or Cancelling a Representative. This form allows us to deal with a person who is acting as a representative for another person on income tax matters (including trust accounts).
- Tax administrators - www.cra.gc.ca/trusts
- Topics: Trusts - www.cra.gc.ca/formspubs/tpcs/trst-eng.html
- Forms and publications - www.cra.gc.ca/formspubs
- T4013 T3 Trust Guide 2012 - www.cra.gc.ca/E/pub/tg/t4013/README.html
- Department of Justice - www.justice.gc.ca
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canad
Wednesday, April 24, 2013
Paying your taxes is simple with the CRA's online services
Did you know?
You can pay your taxes the same way you would pay your phone or hydro bill -- using online or telephone banking.
In the list of payees, look for The Canada Revenue Agency, Revenue Canada, CRA Payment on Filing, Receiver General, or a similar term. Make sure you correctly identify the type of account, your social insurance number or business number, and the reporting period or tax year of your payment.
Other payment methods
875 Heron Road
Ottawa ON K1A 1B1
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
You can pay your taxes the same way you would pay your phone or hydro bill -- using online or telephone banking.
In the list of payees, look for The Canada Revenue Agency, Revenue Canada, CRA Payment on Filing, Receiver General, or a similar term. Make sure you correctly identify the type of account, your social insurance number or business number, and the reporting period or tax year of your payment.
Other payment methods
- You may qualify to make your payment using My Payment,
the Canada Revenue Agency (CRA) online payment service, if you have an
online banking account with one of the following institutions:
- BMO Bank of Montreal (personal accounts only);
- TD Canada Trust;
- Scotiabank; or
- RBC Royal Bank.
- You can make your payment at your financial institution in Canada. To do this, you will need a personalized remittance voucher, which you can ask for online through My Account or Quick Access. You can also request a remittance voucher by calling 1‑800‑959‑8281.
- If you want to mail your payment to the CRA, send your cheque or money order (payable to the Receiver General), along with your remittance voucher, to:
875 Heron Road
Ottawa ON K1A 1B1
- If you are a non-resident who does not have a Canadian bank account, you can pay by wire transfer.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Tuesday, April 23, 2013
It's not too late to make changes to your return
Did you know?
It’s easy to make a correction to your income tax and benefit return if you realize you made a mistake after filing.
Changing your return
You will need to wait to receive your notice of assessment from the Canada Revenue Agency (CRA) before you can make a change to your return.
Once you receive your notice of assessment, you can:
My Account
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
It’s easy to make a correction to your income tax and benefit return if you realize you made a mistake after filing.
Changing your return
You will need to wait to receive your notice of assessment from the Canada Revenue Agency (CRA) before you can make a change to your return.
Once you receive your notice of assessment, you can:
- use the Change my return option found in My Account, one of the CRA’s secure online services;
- send a completed T1 Adjustment Request form (T1-ADJ) to your tax centre; or
- send a signed letter to your tax centre asking for an adjustment to your return.
My Account
- The CRA’s electronic services allow you to transact with us from your home or office--on your schedule. To access My Account and take advantage of this fast, easy, and secure way to manage your taxes, go to www.cra.gc.ca/myaccount.
- To login, you will need a CRA user ID and password or you can login using your online banking information.
- If you need a CRA user ID and password – select “Register”.
- As part of the registration process, the CRA will mail you a CRA security code. This is to make sure your personal information stays secure. You should receive your code within 5-10 business days. Be sure to enter your security code before the expiry date noted in your letter.
- For more information, go to www.cra.gc.ca/myaccount.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Monday, April 22, 2013
Reduce your tax bill – increase your tax deducted at source
Did you know?
If you owe tax at filing time each year, you can take steps to reduce your net tax owing. You can do this by having tax -- or more tax -- deducted at source from certain types of income.
Important facts
If you have a balance owing for this year’s tax-filing season, you can save time by paying online. You can pay online using your financial institution’s online banking service or using the Canada Revenue Agency (CRA) My Payment service, which allows you to make one or more payments in one simple online transaction. For more information on payment options, go to www.cra.gc.ca/payments.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
If you owe tax at filing time each year, you can take steps to reduce your net tax owing. You can do this by having tax -- or more tax -- deducted at source from certain types of income.
Important facts
- You can ask to have tax, or more tax, deducted at source from employment income, pension benefits from an employer-sponsored pension plan, and old age security or Canada Pension Plan benefits.
- To have income tax deducted from old age security or Canada Pension Plan benefits, send a completed Form ISP-3520, Request for Income Tax Deductions to your Service Canada office. You can get this form online at www.servicecanada.gc.ca or by calling 1-800-277-9914.
- To have tax withheld from employment income or from pension benefits from an employer-sponsored pension plan, provide a completed Form TD1, Personal Tax Credits Return to your employer or pension plan administrator. You can get this form online at www.cra.gc.ca/forms or by calling 1-800-959-8281.
If you have a balance owing for this year’s tax-filing season, you can save time by paying online. You can pay online using your financial institution’s online banking service or using the Canada Revenue Agency (CRA) My Payment service, which allows you to make one or more payments in one simple online transaction. For more information on payment options, go to www.cra.gc.ca/payments.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Friday, April 19, 2013
Filing deadline is April 30th
Ottawa, Ontario, April 19, 2013... The Canada Revenue Agency (CRA)
would like to remind Canadians that they have until midnight on April
30, 2013, to file their 2012 income tax and benefit return and to pay
any balance owing.
If you, your spouse, or common-law partner is self-employed, your deadline to file your 2012 return has been extended until midnight on June 17, 2013, as June 15 falls on a Saturday. However, you still have to pay any balance owing by April 30, 2013.
The CRA encourages you to join the growing number of Canadians who are filing electronically. By filing online and using direct deposit, you could have your refund in as little as eight business days.
With more free software options available than ever before, online filing has become even more accessible for tax filers to meet their obligations.
So far this year, the CRA has already received 9.7 million online tax returns, which is more than 79% of all returns received. This represents an increase of 11% over last year at the same time in the filing season.
For more information on filing your tax return, including step-by-step help with filing your return online, go to www.cra.gc.ca/getready.
The CRA will continue to accept returns filed on paper. If you want a paper tax form or guide, you can download and print one from our Web site. You can also visit your local Canada Post or Service Canada office where tax forms will be continuously restocked throughout the filing season. If you do not have access to the Internet or do not live close to a post office, you can call the CRA at 1-800-959-8281 and ask us to mail you a general income tax and benefit package.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
If you, your spouse, or common-law partner is self-employed, your deadline to file your 2012 return has been extended until midnight on June 17, 2013, as June 15 falls on a Saturday. However, you still have to pay any balance owing by April 30, 2013.
The CRA encourages you to join the growing number of Canadians who are filing electronically. By filing online and using direct deposit, you could have your refund in as little as eight business days.
With more free software options available than ever before, online filing has become even more accessible for tax filers to meet their obligations.
So far this year, the CRA has already received 9.7 million online tax returns, which is more than 79% of all returns received. This represents an increase of 11% over last year at the same time in the filing season.
For more information on filing your tax return, including step-by-step help with filing your return online, go to www.cra.gc.ca/getready.
The CRA will continue to accept returns filed on paper. If you want a paper tax form or guide, you can download and print one from our Web site. You can also visit your local Canada Post or Service Canada office where tax forms will be continuously restocked throughout the filing season. If you do not have access to the Internet or do not live close to a post office, you can call the CRA at 1-800-959-8281 and ask us to mail you a general income tax and benefit package.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Wednesday, April 17, 2013
Students, want more time to chill? Tax info all online, all at your fingertips!
Did you know?
If you’re just starting to file your taxes, you’ll find the Canada Revenue Agency’s (CRA) online information is a fast and easy way to understand what you need to do. Check out a new video for Canadian students meant specially to help them with filing their income tax and benefit return. This tax information video and others like it allow you to choose specific segments that interest you, so you can access only the information you need, when you need it. By watching this video, you’ll be aware of all credits and benefits available to you and your obligations as a taxpayer.
Important facts
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
If you’re just starting to file your taxes, you’ll find the Canada Revenue Agency’s (CRA) online information is a fast and easy way to understand what you need to do. Check out a new video for Canadian students meant specially to help them with filing their income tax and benefit return. This tax information video and others like it allow you to choose specific segments that interest you, so you can access only the information you need, when you need it. By watching this video, you’ll be aware of all credits and benefits available to you and your obligations as a taxpayer.
Important facts
- You might discover that you’re eligible for the GST/HST credit or that you can claim deductions for moving expenses.
- You might also be able to claim amounts for interest paid on your
student loans, or amounts for education, tuition, textbooks, or public
transit passes.
- In 2012, Canadians claimed over 7 million dollars for education, tuition fees, and textbook amounts.
- If you have income to report and tax to pay, you must file an income tax and benefit return every year.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Monday, April 15, 2013
No income? File anyway or you could miss out on credits and benefits
Did you know?
Even if you have no income to report for 2012, you should still file your income tax and benefit return by April 30, 2013 to be eligible for some tax credits and benefits.
Important facts
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Even if you have no income to report for 2012, you should still file your income tax and benefit return by April 30, 2013 to be eligible for some tax credits and benefits.
Important facts
- Eligibility for certain benefit payments such as the goods and services tax/harmonized sales tax (GST/HST) credit and the Canada child tax benefit is based on information in your yearly tax return.
- If you don’t file, you could miss out on benefits and credits you’re entitled to. If you don’t file on time, your benefit payments may be interrupted.
- You have until midnight on April 30, 2013 to file your 2012 income tax and benefit return.
- Keep any receipts and documentation for at least six years. If the Canada Revenue Agency (CRA) reviews your return, you will need your receipts to support your claims.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Minister Shea highlights the Harper Government’s efforts at cracking down on international tax evasion and aggressive international tax avoidance
Ottawa, Ontario, April 15, 2013… The Honourable Gail
Shea, Minister of National Revenue, today highlighted that the Harper
Government has increased auditing resources for the Canada Revenue
Agency’s (CRA) international compliance programs since 2006. Economic
Action Plan 2013 builds on these efforts, and will provide the CRA with
an unprecedented ability to crack down on international tax evasion and
aggressive international tax avoidance.
“Our Government has long recognized that this is a serious issue, and we will continue to take strong action to tackle international tax evasion and aggressive international tax avoidance,” said Minister Shea. “That’s why we have increased the resources available to the CRA for auditing those who may seek to use offshore accounts or other means to avoid paying their fair share of taxes. This is good news for law‑abiding Canadian taxpayers.”
Since 2006, the number of audit positions in the CRA’s International Audit Program has increased by almost 40%. In addition, the number of audit positions in the CRA’s Aggressive Tax Planning Program has nearly doubled.
The mandate of the International Audit Program is to ensure compliance with tax provisions and treaties administered by the CRA that relate to international cross-border transactions between related parties. It fulfills this mandate through the use of education, intelligence‑gathering, audits, and other actions. The role of the Aggressive Tax Planning Program is to examine transactions suspected of circumventing the law or its intent and to deter abusive transactions. The program has a focus on the abusive use of tax havens and international transactions.
In addition to these increased international auditing resources, Economic Action Plan 2013 announced further measures to crack down on international tax evasion and aggressive international tax avoidance:
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
“Our Government has long recognized that this is a serious issue, and we will continue to take strong action to tackle international tax evasion and aggressive international tax avoidance,” said Minister Shea. “That’s why we have increased the resources available to the CRA for auditing those who may seek to use offshore accounts or other means to avoid paying their fair share of taxes. This is good news for law‑abiding Canadian taxpayers.”
Since 2006, the number of audit positions in the CRA’s International Audit Program has increased by almost 40%. In addition, the number of audit positions in the CRA’s Aggressive Tax Planning Program has nearly doubled.
The mandate of the International Audit Program is to ensure compliance with tax provisions and treaties administered by the CRA that relate to international cross-border transactions between related parties. It fulfills this mandate through the use of education, intelligence‑gathering, audits, and other actions. The role of the Aggressive Tax Planning Program is to examine transactions suspected of circumventing the law or its intent and to deter abusive transactions. The program has a focus on the abusive use of tax havens and international transactions.
In addition to these increased international auditing resources, Economic Action Plan 2013 announced further measures to crack down on international tax evasion and aggressive international tax avoidance:
- Launching a new Stop International Tax Evasion Program that will allow the CRA to pay individuals with knowledge of major international tax non-compliance a percentage of federal tax collected as a result of the information provided;
- Requiring financial institutions and others who currently report information on international electronic funds transfers greater than $10,000 to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to also report those transactions to the CRA;
- Streamlining the judicial process that provides the CRA authorization to obtain information from third parties such as banks. This measure will facilitate faster access to information on unnamed individuals for the purposes of civil actions; and
- Introducing additional requirements for Canadian taxpayers with foreign income or properties to report more detailed information, and extending the amount of time the CRA has to reassess those who have not properly reported this income.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Friday, April 12, 2013
Letter from the CRA to the Canadian Broadcasting Corporation
Ottawa – April 12, 2013 – Today, the following letter was issued by the Canada Revenue Agency:
Mr. Hubert Lacroix
President and Chief Executive Officer
Canadian Broadcasting Corporation
205 Wellington Street West
Room 4E301-B
Toronto ON M5V 3G7
Dear Mr. Lacroix:
I am writing in regard to the CBC’s recent coverage of offshore tax havens. It is my understanding that a leak of large amounts of data potentially exposing cases of offshore aggressive tax avoidance and possibly tax evasion is the catalyst for these stories. I also understand that your organization may be in possession of some or all of this data.
You will know that the Canada Revenue Agency has already been in touch with your organization to underscore the importance of this information to our continuing efforts on behalf of Canadians to combat offshore aggressive tax avoidance and evasion.
I would expect that both the CBC and you, as its president and CEO, have an interest in ensuring that appropriate action is taken if individuals are not respecting their tax obligations. Taking action against individuals who are not respecting their tax obligations is in the best interest of the public and law abiding Canadians. The provision of the data that your organization has in its possession would allow the CRA to pursue cases where this is occurring without in any way infringing on your journalistic mandate.
I again respectfully request that you provide to the Canada Revenue Agency all of the data the CBC received through its collaboration with the International Consortium of Investigative Journalists so that the Agency may review and take action according to its mandate. I understand that the CBC is reluctant to provide this data, citing concerns with journalistic independence and protecting sources. I can assure you that the Canada Revenue Agency has not asked for the source of the information and will treat any information you provide with strict confidentiality in the same manner it treats all taxpayer information it receives.
I sincerely hope that you will respond positively to this request and agree to provide this information so that the CRA can carry out its responsibilities.
I look forward to your reply.
Sincerely,
Andrew Treusch
Commissioner and Chief Executive Officer
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Mr. Hubert Lacroix
President and Chief Executive Officer
Canadian Broadcasting Corporation
205 Wellington Street West
Room 4E301-B
Toronto ON M5V 3G7
Dear Mr. Lacroix:
I am writing in regard to the CBC’s recent coverage of offshore tax havens. It is my understanding that a leak of large amounts of data potentially exposing cases of offshore aggressive tax avoidance and possibly tax evasion is the catalyst for these stories. I also understand that your organization may be in possession of some or all of this data.
You will know that the Canada Revenue Agency has already been in touch with your organization to underscore the importance of this information to our continuing efforts on behalf of Canadians to combat offshore aggressive tax avoidance and evasion.
I would expect that both the CBC and you, as its president and CEO, have an interest in ensuring that appropriate action is taken if individuals are not respecting their tax obligations. Taking action against individuals who are not respecting their tax obligations is in the best interest of the public and law abiding Canadians. The provision of the data that your organization has in its possession would allow the CRA to pursue cases where this is occurring without in any way infringing on your journalistic mandate.
I again respectfully request that you provide to the Canada Revenue Agency all of the data the CBC received through its collaboration with the International Consortium of Investigative Journalists so that the Agency may review and take action according to its mandate. I understand that the CBC is reluctant to provide this data, citing concerns with journalistic independence and protecting sources. I can assure you that the Canada Revenue Agency has not asked for the source of the information and will treat any information you provide with strict confidentiality in the same manner it treats all taxpayer information it receives.
I sincerely hope that you will respond positively to this request and agree to provide this information so that the CRA can carry out its responsibilities.
I look forward to your reply.
Sincerely,
Andrew Treusch
Commissioner and Chief Executive Officer
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Tuesday, April 9, 2013
Minister Shea highlights new initiatives to crack down on International Tax Evasion
Ottawa, Ontario, April 9, 2013... The Honourable
Gail Shea, Minister of National Revenue, today highlighted important new
initiatives introduced by the Harper Government in Economic Action Plan
2013 to strengthen the capacity of the Canada Revenue Agency (CRA) to
crack down on international tax avoidance and evasion.
“Our Government has long recognized that international tax evasion is a serious problem,” said Minister Shea. “As announced in Economic Action Plan 2013, our Government is taking strong action to tackle tax evasion. We are committed to cracking down on individuals who avoid paying their fair share of taxes.”
Economic Action Plan 2013 proposes the following measures to combat International Tax Evasion and close tax loopholes to ensure tax fairness for all Canadians:
“These new measures will provide the CRA with additional tools to combat tax cheats,” said Minister Shea. “Our Government is serious about cracking down on those who attempt to cheat the system. Since 2006, our Government has introduced over 75 measures to improve the integrity of the tax system for the benefit of all Canadians.”
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
“Our Government has long recognized that international tax evasion is a serious problem,” said Minister Shea. “As announced in Economic Action Plan 2013, our Government is taking strong action to tackle tax evasion. We are committed to cracking down on individuals who avoid paying their fair share of taxes.”
Economic Action Plan 2013 proposes the following measures to combat International Tax Evasion and close tax loopholes to ensure tax fairness for all Canadians:
- Launching a new Stop International Tax Evasion Program that will allow the CRA to pay individuals with knowledge of major international tax non-compliance a percentage of tax collected as a result of the information provided;
- Requiring financial institutions and others who currently report information on international electronic funds transfers greater than $10,000 to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to also report those transactions to the CRA;
- Streamlining the process for obtaining information on third parties in the course of conducting an audit to speed up the process and allow the CRA faster access to information on unnamed individuals for the purposes of civil actions; and
- Introducing new requirements for Canadian taxpayers with foreign income or properties to report more information, and extending the amount of time the CRA has to reassess those who have not properly reported this income.
“These new measures will provide the CRA with additional tools to combat tax cheats,” said Minister Shea. “Our Government is serious about cracking down on those who attempt to cheat the system. Since 2006, our Government has introduced over 75 measures to improve the integrity of the tax system for the benefit of all Canadians.”
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Monday, April 8, 2013
Grab that teachable moment—talk to your kids about taxes
Did you know?
Students who don’t file a tax return may be missing out on benefits and tax credits.
Important facts
Whether you’re a teacher or a parent, you can help the students in your life with a few wise words of advice: file a return this year.
Here are some of the reasons why:
The Canada Revenue Agency (CRA) has online resources that can help. For information about credits and benefits for students, go to www.cra.gc.ca/students.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Students who don’t file a tax return may be missing out on benefits and tax credits.
Important facts
Whether you’re a teacher or a parent, you can help the students in your life with a few wise words of advice: file a return this year.
Here are some of the reasons why:
- If you are 19 years of age when you file, you can apply for the goods and services tax/harmonized sales tax credit. That could mean a payment to you every three months—which is pretty handy for day to day expenses.
- It’s quick, easy, and likely free to file online as a student with a modest income.
- File your income tax and benefit return on time to make sure there are no interruptions to your benefit and credit payments.
- Any taxes paid on that job at the sandwich shop or movie theatre may come back as a refund – but only if you file.
- Students may be entitled to deduct from any income they earned the cost of:
- tuition;
- books;
- moving expenses;
- student loan interest;
- transit passes; and more.
The Canada Revenue Agency (CRA) has online resources that can help. For information about credits and benefits for students, go to www.cra.gc.ca/students.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Thursday, April 4, 2013
Statement from the Canada Revenue Agency
Ottawa – April 4, 2013
The Canada Revenue Agency (CRA) would like to address recent media coverage of a list of Canadians with assets offshore.
The CRA is consulting other jurisdictions and is working to obtain the information referred to in the media today. The CRA will review all information it receives and aggressively pursue all suspected cases of tax avoidance and evasion.
Combatting international tax evasion is essential to maintaining the integrity of the tax system. The CRA would like to take this opportunity to assure Canadians that we are working diligently to identify, prevent, and take action on any credible information that is provided to us.
When income and assets are hidden in foreign jurisdictions, all Canadians suffer as a result of tax evasion.
Failure to report income from domestic or foreign sources is illegal, and Canadians should know that the CRA actively pursues cases of non-compliance. Tax evasion and avoidance can lead to penalties, interest, fines, and even jail time.
Canadians should come forward if they have information on suspected cases of tax avoidance or evasion through our Informant Leads Program, either by phone at 1-866-809-6841 or over the Internet at www.cra.gc.ca/leads.
Canadians should also take this opportunity, if necessary, to correct their own tax affairs through the use of the Voluntary Disclosure Program (www.cra.gc.ca/voluntarydisclosures).”
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
The Canada Revenue Agency (CRA) would like to address recent media coverage of a list of Canadians with assets offshore.
The CRA is consulting other jurisdictions and is working to obtain the information referred to in the media today. The CRA will review all information it receives and aggressively pursue all suspected cases of tax avoidance and evasion.
Combatting international tax evasion is essential to maintaining the integrity of the tax system. The CRA would like to take this opportunity to assure Canadians that we are working diligently to identify, prevent, and take action on any credible information that is provided to us.
When income and assets are hidden in foreign jurisdictions, all Canadians suffer as a result of tax evasion.
Failure to report income from domestic or foreign sources is illegal, and Canadians should know that the CRA actively pursues cases of non-compliance. Tax evasion and avoidance can lead to penalties, interest, fines, and even jail time.
Canadians should come forward if they have information on suspected cases of tax avoidance or evasion through our Informant Leads Program, either by phone at 1-866-809-6841 or over the Internet at www.cra.gc.ca/leads.
Canadians should also take this opportunity, if necessary, to correct their own tax affairs through the use of the Voluntary Disclosure Program (www.cra.gc.ca/voluntarydisclosures).”
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Statement from the Honourable Gail Shea, Minister of National Revenue
The Honourable Gail Shea, Minister of National Revenue made the
following statement regarding the recent media coverage regarding a
list of Canadians with offshore assets.
"Anyone with information on tax cheats has an obligation to bring it forward. The release of this information is good news for the hardworking Canadians who pay their fair share. This is bad news for the tax evaders in this country.
"Our Government has long recognized that international tax evasion is a serious problem. For this reason, CRA officials will review any information they receive and aggressively pursue all suspected cases of tax evasion.
"Since 2006, our Government has introduced several measures to help address this problem and ensure tax fairness for all Canadians.
"Our Government is committed to cracking down on individuals who avoid paying their fair share of taxes. Economic Action Plan 2013 proposes new measures to combat International Tax Evasion and closing tax loopholes to ensure tax fairness for all Canadians. These new measures include:
"We call on The International Consortium of Investigative Journalists to hand over this list to allow our Government to crack down on tax evaders."
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
"Anyone with information on tax cheats has an obligation to bring it forward. The release of this information is good news for the hardworking Canadians who pay their fair share. This is bad news for the tax evaders in this country.
"Our Government has long recognized that international tax evasion is a serious problem. For this reason, CRA officials will review any information they receive and aggressively pursue all suspected cases of tax evasion.
"Since 2006, our Government has introduced several measures to help address this problem and ensure tax fairness for all Canadians.
"Our Government is committed to cracking down on individuals who avoid paying their fair share of taxes. Economic Action Plan 2013 proposes new measures to combat International Tax Evasion and closing tax loopholes to ensure tax fairness for all Canadians. These new measures include:
- Requiring certain financial intermediaries, including banks, to report to the CRA international electronic funds transfers of $10,000 or more.
- Announcing that the CRA will introduce a new Stop International Tax Evasion Program through which it will make payments to individuals with knowledge of major international tax non-compliance that lead to collection of additional taxes. The payment will be a percentage of tax collected as a result of information provided.
- Extending the normal reassessment period by three years for taxpayers who have failed to report income from a specified foreign property on their annual income tax return and failed to properly file the Foreign Income Verification Statement (Form T1135).
- Revising the Foreign Income Verification Statement to require reporting of more detailed information.
- Streamlining the process for the CRA to obtain information concerning unnamed persons from third parties such as banks.
"We call on The International Consortium of Investigative Journalists to hand over this list to allow our Government to crack down on tax evaders."
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
Tuesday, April 2, 2013
Did you buy a home in 2012? Check out this tax information
Did you know?
If you bought a home in 2012, you may be able to save on your taxes through the first-time homebuyers’ tax credit.
Important facts
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
If you bought a home in 2012, you may be able to save on your taxes through the first-time homebuyers’ tax credit.
Important facts
- If you are a first-time home buyer, a person with a disability buying a home, or an individual buying a home on behalf of a related person with a disability, you may be able to claim a non-refundable tax credit of up to $750 when you buy a qualifying home.
- To qualify for the home buyer’s tax amount:
- You or your spouse or common-law partner must have purchased a qualifying home; and
- You did not live in another home owned by you or your spouse or common-law partner that year or in any of the four preceding years.
- Persons with disabilities may also qualify for this credit even if they have already owned a home. If you are eligible for the disability amount or you purchased a home for the benefit of a related person who is eligible for the disability amount, you may be able to claim the credit.
- You may also be eligible for the home buyer’s plan, which allows you to withdraw funds from your registered retirement savings plan to buy or build a qualifying home. You may withdraw up to $25,000 in a calendar year, and have up to 15 years to repay your withdrawals.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
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