CRA Corner
Tax Updates
FROM: NOV-DEC 2007 ISSUE
Tax Shelters
The CRA is urging all Canadians to be diligent in reading the fine print about tax shelter promotions before entrusting their funds. Tax shelter gifting arrangements promising large tax savings may be too good to be true, even if they’re being touted as acceptable under the requirements of the Income Tax Act. The CRA is auditing all tax shelter gifting arrangements – 26,000 to date – and has denied about $1.4 billion in claimed donations. Another 70,000 claims are set to be audited.
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Volunteer Your Expertise
The CRA’s Community Volunteer Income Tax Program helps people across Canada who need assistance in completing their income tax forms and can’t afford to pay for help. Volunteers in the program gain valuable applied tax preparation experience (particularly useful for students), along with free tax training sessions and a reference kit. Volunteer registration takes place through December. Check www.cra-arc.gc.ca/tax/individuals/volunteer/menu-e.html for more details.
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Online Tours for Tax Professionals
The CRA has introduced two new online information tours: Services for Tax Professionals and Electronic Services for Businesses. The first tour includes information on electronic filing for tax professionals, information specific for EFILE, authorizing a representative, and the CRA counter service changes. At the end of this presentation, the CRA provides a listing of EFILE helpdesk contact numbers, and contacts for the E-services helpdesk.
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