Cawston & Associates

10/20/2024

Canada Revenue Agency can block tax evaders from crossing the border A recent CBC article points out that tax evaders may find it more difficult to cross the border. This is designed as a deterrent for people participating in off-shore tax havens. However, we have seen cases where good people get lumped in with tax https://cawstontaxhelp.com/category/tax-news/

10/12/2024

Alberta Personal Bankruptcy on the Rise. To our fellow Albertans: Cawston and Associates Inc. is a family company. Our family was born and raised in Alberta. During the past 40 years in Alberta we have seen our share of the boom and bust cycle related to the price of oil and other economic factors. https://cawstontaxhelp.com/category/tax-news/

10/05/2024

A topic we discussed in 2017. Trudeau and the Canadian Small Business Tax: Despite its consultation with Canadians, it appears that the Liberal government is moving forward with their proposed tax changes. As tax professionals we are concerned that these changes will reduce the incentives that entrepreneurs have to start or grow their small businesses. We understand that the government is trying to make an employee’s effective tax rate equal to a small business owner’s effective tax rate. However the government is overlooking the fact that a small business owner carries a tremendous amount of risk. https://cawstontaxhelp.com/category/tax-news/

09/30/2024

Canadian Tax Shelter Scams. We get many calls from people who participated in tax shelters. Their story is usually goes like this: I bought into a tax shelter 4 or 5 years ago. I contributed for one or more years. I put $10,000 into a charitable donation and got a tax-deductible receipt for $100,000. https://cawstontaxhelp.com/category/tax-news/

09/22/2024

Here's another scenario of the kinds of cases we work with: A taxpayer comes to see us who has been notionally assessed by the Canada Revenue Agency for not filing tax returns. This means that the taxpayer failed to file returns so the Canada Revenue Agency filed returns for them. These returns usually only include income and no expenses. The taxpayer had been assessed a late filing penalty for 50% of the taxes owing. We needed to prepare tax returns for their corporation, business and farm. https://cawstontaxhelp.com/cra-tax-debt-relief/

09/15/2024

Some things will disqualify you from being a director. For example, if you are a bankrupt or have a certificate under the Mental Health Act, you are deemed to not be a director under the Provincial Corporation Act. If you were unable to perform your duties as a director due to serious illness, or other related issues at the time the shortfall was incurred, you may be deemed to not be a director by the Canada Revenue Agency. An example of this would be a person with cancer whose treatment may cause reduced mental capacity. https://cawstontaxhelp.com/corporate-director-liability/

09/07/2024

The Canada Revenue Agency has two year to assess the directors from the time that they resign. A director's resignation should be in writing and witnessed. It should be retained in the minute book of the Corporation. Some provinces require that the resignation be reported at the provincial registry. These requirements are in the Province's Corporation Act. Currently, in Alberta, a resignation does not have to be reported to the registry. https://cawstontaxhelp.com/corporate-director-liability/

08/30/2024

If your Corporation has not paid its source deductions, GST and or HST the director can and will be personally assessed. These are very common assessments in this economy. These assessments are raised under section 227.1(1) of the Income Tax Act and 323 of the Excise Tax Act. These assessments can be made at any time. In most cases the Agency will not assess if the corporation is still operating and may have the ability to pay.

A director of a corporation that owes GST and Payroll Source Deductions the CRA has the ability to hold you personally liable for trust debts

08/24/2024

As a director of a corporation that owes GST and Payroll Source Deductions, the Canada Revenue Agency has the ability to hold you personally liable for any trust debts that the corporation is unable to pay. Cawston and Associates specializes in preventing the Canada Revenue Agency from successfully assessing you as a director. https://cawstontaxhelp.com/corporate-director-liability/

08/16/2024

We provide bankruptcy representation to all of our clients considering bankruptcy. This is to ensure that you fully understand the obligations and requirements of making an assignment in bankruptcy. We even will attend the initial meetings with the trustee to ensure you are comfortable with the conditions of the bankruptcy. https://cawstontaxhelp.com/calgary-bankruptcy-tax-services/