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Volunteering to pay taxes could save you money

The Canada Revenue Agency’s Voluntary Disclosures Program gives taxpayers a way to come forward to put their tax affairs in order and correct past noncompliance. Taxpayers who use
this program must pay any taxes owing, but they can avoid costly penalties and prosecution, and
may also be entitled to partial interest relief. Taxpayers can disclose unreported income, non fi led
returns, and can correct errors or omissions on previously filed returns. A voluntary disclosure can relate to, among other things, income tax, goods and services tax/harmonized sales tax, Canada Pension Plan and Employment Insurance, and excise taxes and duties. In its 2013-14 annual report to Parliament, the CRA indicated that it processed 14,624 voluntary disclosures reporting more than $813 million in unreported income.

Whether it is to welcome new
American tenants (i.e. Target,
J. Crew, and Crate & Barrel), to
convert buildings to become
LEED certified, or to entice more
shoppers to come into their centre,
many shopping centres and
office buildings in Canada have
recently completed, or are in the
midst of, expansion and modernization.
For example, in Toronto
alone, a major renovation of two
food courts at the Eaton Centre
has occurred, Yorkdale Shopping
Centre is undergoing a major
expansion to accommodate
more tenants, and First Canadian
Place has re-skinned its exterior
walls and windows and
renovated its common areas and
retail spaces. How do you think
different types of redevelopment
affec

 

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