Tax audits | Investment Executive https://www.investmentexecutive.com/tag/tax-audits/ Canada's news source for financial professionals Mon, 18 Aug 2025 21:05:38 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.3 https://www.investmentexecutive.com/wp-content/uploads/sites/3/2018/01/cropped-favicon-1-32x32.png Tax audits | Investment Executive https://www.investmentexecutive.com/tag/tax-audits/ 32 32 Feds release draft legislation on bare trusts, expanded CRA audit powers and more https://www.investmentexecutive.com/news/industry-news/feds-release-draft-legislation-on-bare-trusts-expanded-cra-audit-powers-and-more/ Mon, 18 Aug 2025 21:05:36 +0000 https://www.investmentexecutive.com/?p=517781 Proposals are out for consultation until Sept. 12

The post Feds release draft legislation on bare trusts, expanded CRA audit powers and more appeared first on Investment Executive.

]]> Liberals’ plan for revenue from tax penalties called into question https://www.investmentexecutive.com/news/industry-news/liberals-plan-for-revenue-from-tax-penalties-called-into-question/ Mon, 28 Apr 2025 18:33:02 +0000 https://www.investmentexecutive.com/?p=508210 Projected fiscal impact may be overstated, likely targets may miss the mark

The post Liberals’ plan for revenue from tax penalties called into question appeared first on Investment Executive.

]]> Latest snags in ‘rough’ tax-filing season: Uploading errors, duplicate slips https://www.investmentexecutive.com/news/industry-news/latest-snags-in-rough-tax-filing-season-uploading-errors-duplicate-slips/ Tue, 15 Apr 2025 12:26:42 +0000 https://www.investmentexecutive.com/?p=507210 In the case of error codes, the CRA said it will provide interest and penalty relief if the problem isn't resolved by the tax-filing deadline

The post Latest snags in ‘rough’ tax-filing season: Uploading errors, duplicate slips appeared first on Investment Executive.

]]> Tax reminder: Clients with short-term rental income must comply with rules or lose deductions https://www.investmentexecutive.com/news/industry-news/tax-reminder-clients-with-short-term-rental-income-must-comply-with-rules-or-lose-deductions/ Wed, 22 Jan 2025 20:25:11 +0000 https://www.investmentexecutive.com/?p=500729 Non-compliance results in denial of expense deductions, raising taxable income

The post Tax reminder: Clients with short-term rental income must comply with rules or lose deductions appeared first on Investment Executive.

]]> CRA doubles number of identified global high-wealth groups over 5 years https://www.investmentexecutive.com/news/industry-news/cra-doubles-number-of-identified-global-high-wealth-groups-over-5-years/ Mon, 11 Nov 2024 20:04:35 +0000 https://www.investmentexecutive.com/?p=496452 CRA has identified more than 2,500 groups that belong to the GHW population

The post CRA doubles number of identified global high-wealth groups over 5 years appeared first on Investment Executive.

]]> Proposed CRA audit powers sound alarms https://www.investmentexecutive.com/newspaper_/news-newspaper/proposed-cra-audit-powers-sound-alarms/ Tue, 05 Nov 2024 19:00:00 +0000 https://www.investmentexecutive.com/?p=495948 If proposals pass, CRA can impose harsh new penalties and compel taxpayer testimony under oath

The post Proposed CRA audit powers sound alarms appeared first on Investment Executive.

]]> CRA updates rein in ‘overbroad’ mandatory disclosure regime https://www.investmentexecutive.com/news/industry-news/cra-updates-rein-in-overbroad-mandatory-disclosure-regime/ Mon, 26 Aug 2024 20:48:54 +0000 https://www.investmentexecutive.com/?p=491620 Administrative changes are welcome in an area fraught with uncertainty

The post CRA updates rein in ‘overbroad’ mandatory disclosure regime appeared first on Investment Executive.

]]> Legal action coming to recover Covid benefit overpayments: CRA https://www.investmentexecutive.com/news/industry-news/legal-action-coming-to-recover-covid-benefit-overpayments-cra/ Thu, 27 Jun 2024 18:10:23 +0000 https://www.investmentexecutive.com/?p=488533 Actions may include taking payments from wages or bank accounts

The post Legal action coming to recover Covid benefit overpayments: CRA appeared first on Investment Executive.

]]> CRA’s focus on real estate audits paying off https://www.investmentexecutive.com/news/industry-news/cras-focus-on-real-estate-audits-paying-off/ Mon, 08 Apr 2024 16:26:43 +0000 https://www.investmentexecutive.com/?p=483332 Agency assessed $2.7 billion in additional tax and penalties from 2015 to 2023

The post CRA’s focus on real estate audits paying off appeared first on Investment Executive.

]]> CRA claws back $458 million in pandemic-era wage subsidies after partial audit https://www.investmentexecutive.com/news/from-the-regulators/cra-claws-back-458-million-in-pandemic-era-wage-subsidies-after-partial-audit/ Mon, 20 Nov 2023 20:10:54 +0000 https://www.investmentexecutive.com/?p=475670 Most adjustments were related to calculation errors and lack of documentation rather than ineligibility

The post CRA claws back $458 million in pandemic-era wage subsidies after partial audit appeared first on Investment Executive.

]]>