Tag Archives: Canada Revenue Agency

“I’ll file my taxes later” – Why filing on time is the best policy

June 1, 2020

At least once a month, I get a call from someone who is wondering what to do if they have not filed a tax return for awhile.

Here are some typical comments I hear:

“Is it a big deal?” (It might be.)

“But I do not owe taxes anyway, so why does it matter?” (How can you be sure if you have not filed your return?)

“The Government won’t notice.” (Cut to me putting palm on forehead.)

In this COVID-19 world, the Federal Government has granted a myriad of filing extensions for individuals, trusts, and corporations (see https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html for all the details). However, I am still a firm believer in filing tax returns on time wherever possible. In today’s post, I will review the top 5 reasons why you should file your return on time, and what you should do if you have fallen behind.

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CEWS, CERB, CESB, CEBA – You know the audits are coming – but are you ready?

May 25, 2020

There has certainly been no shortage of new Canadian tax acronyms to learn over the past couple of months.  Between mid-March and late-April, it felt like a new government program (or a change to an existing program) was being released every hour.  On more than one occasion, I had sat down to write a short informative piece on a new program, only to find out that the program had changed before I could publish!

However, now that the initial rush to understand these various programs has partially subsided, it is important to start focusing our attention on the potential audit risk associated with participation in these programs.

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