Radnoff Haworth LLP
375 University Avenue, Suite 701 Toronto, ON, Canada

Don't forget, individual income tax filings are due on June 1, 2020

A Guide on What to Expect and How to Prepare for a CRA Audit The CRA auditing process is aimed at maintaining public confidence in the fairness and integrity of Canada’s tax system. During an audit, the CRA carefully examines the books and records of an individual taxpayer or a business to confirm whether they are fulfilling their tax obligations, following tax laws correctly, and receiving the benefits and refunds to which they are entitled. Read the full guide on our website.

How to Prepare as a Self-Employed Person During a CRA Audit The CRA watches self-employed, small business owners more closely. If you are self-employed, it is best practice to ensure that all of your tax documents are gathered and properly filed for both your personal and business affairs. Meticulous record-keeping and an honest approach will not only help speed up the audit but may help to prevent another in the future. It is also crucial to ensure that you are complying wit...h all tax laws; if there is any concern, it is best to seek professional advice. During the audit itself, it is essential to understand that there are certain red flags that CRA will focus their attention on. Find out what they are in the full article on our website. https://radnofflaw.com/how-to-prepare-as-a-self-employed-p/

What Tax Laws Changed in 2020? Are you prepared for what Canadian tax laws changed? We’ve put together a comprehensive list of changes for this year, from personal to business taxes. See what will affect you and your business so that you don’t get caught unprepared.

Are CRA Penalties and Interest Deductible? There are a few narrow exceptions, but generally, fines or penalties are not tax-deductible. This includes CRA fines and penalties (According to the CRA Income Tax Folio S4-F2- C1, ‘Deductibility of Fines and Penalties’). Some exceptions do apply, for example, fines or penalties imposed before March 23, 2004. Interest charged by the CRA is also not considered tax-deductible. (See, for example: In 2014, the Federal Tax Court followe...d the words of the Minister of Finance to interpret the Income Tax Act, Section 18, as denying the deduction of certain expenses when computing a taxpayer’s income from a business or property. This included a deduction in respect of any amount, including interest payable under the Act. (Doulis v. The Queen, 2014 TCC 26)). Continue to the original article on our website here - https://radnofflaw.com/are-cra-penalties-and-interest-dedu/ Visit our COVID-19 Tax Relief page for a brief of regularly updated information regarding government initiatives and financial support and updates to the 2020 tax season. https://radnofflaw.com/covid-19-tax-relief/