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CANADA REVENUE AGENCY 2012 CAMPAIGNS

posted by Horse Owner Today    |   September 21, 2012 07:43

From the Accounting World
CANADA REVENUE AGENCY 2012 CAMPAIGNS
CRA began a plan of “campaigns” three years ago.  A campaign is a program of attack on specific sector of personal and corporate tax.  Their approach is to send out a letter to “let you know” what the rules are (as they interpret them).  They suggest that if you have been doing something incorrectly, then you have a chance to correct it without a penalty.  Getting this letter from CRA can be quite upsetting as it is often worded as though you “are guilty” of doing something incorrectly.
The 2012 Campaigns are as follows:
1.    Rental income reporting (including illegal suites, recreational property and personal use property.
2.    Payments to non-arm’s length individuals (children, spouses and non-arm’s length individuals and companies.
3.    Individuals reporting commission income, including all employed commissions (this targets restaurants (servers), hair dressers, commission based sales persons and all others reporting commission income)

 http://www.keyaccountinggroup.ca

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