Recent News & Insights

News in 2014 Tax-Filing Season

NEWS IN 2014 TAX-FILING SEASON Universal Child Care Benefits (UCCB) Under proposed changes, this benefit is being increased for children under age six. Effective January 1, 2015, parents will be eligible for a benefit of $160 per month for each eligible child under the age of six – up from $100 per month. Under proposed changes to expand the UCCB, parents may also receive … Read more

History of taxes

Money does not smell (Pecunia non olet)

The famous phrase: “money does not smell” is related to the taxes. In ancient Rome, people had to pay to use public toilets. The urine in public toilets was sold as an essential ingredient in different production processes including bleaching clothes with it. Roman emperor Vaspasian (ruled 69-79 AD) created a tax on urine. The customers who obtained an urine from the public bathrooms were … Read more

Shadow tax

Tax shadow in Venice

In 1993 Venice authorities created a tax on the shadow. The tax applies to all kinds of institutions if they cast a shadow on municipal land. After the introduction of this tax many restaurants and cafes owners decided to remove shading devices such as tents from the walls of their buildings. Despite all the strangeness of that tax, it is not canceled yet. Get … Read more

The CRA’s Annual Office Audit

The CRA’s Annual Office Audit The Canada Revenue Agency (CRA) will soon be conducting its sixth annual Office Audit Letter Campaign. In January 2015, the CRA will send educational and intent-to-audit letters to selected groups of individual taxpayers and business owners through the campaign. The campaign supports the CRA’s increased emphasis on helping individuals and small businesses to better understand their tax obligations and … Read more

New Mandatory Electronic Filing

Beginning in 2013 (2012 Tax Returns), a new CRA mandate requires that tax preparers who file more than 10 returns MUST file them electronically via EFILE. This mandatory electronic filing applies to both T1 General income tax and benefit returns and T2 corporation income tax returns for the 2012 and later tax years. For more information please visit CRA web site: http://www.cra-arc.gc.ca/mandatoryelectronicfiling/. The penalty … Read more

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