Tax & Trade Blog

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REGISTERED BUT NOT REGISTERED!

CRA BUSINESS NUMBER TRAP: ACCOUNTS ASSIGNED DURING AUDIT NOT ENOUGH

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When the Canada Revenue Agency ("CRA") assesses an individual for unremitted GST/HST on a real property transaction, the agency typically creates an administrative business number to process the assessment. Many taxpayers assume that once the CRA opens this account and assesses tax, the taxpayer is officially GST "registered" and entitled to claim offsetting Input Tax Credits ("ITCs") on related expenses, for example real estate commissions.

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CRA ASSESSING DIRECTORS FOR GST MORE OFTEN

SIMILAR SURGE IN ASSESSING THIRD-PARTY TRANSFEREES, INCLUDING SHAREHOLDERS

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Most business owners assume a corporation’s debts belong to the corporation. For unpaid GST/HST, that assumption is often wrong.

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GST/HST REGISTRATION FOR CONDO CORPS

WHEN TO REGISTER, TAXABLE STATUS OF SUPPLIES, CAN BE TRICKY QUESTIONS

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Property managers and board directors of condominium corporations (“Condo Corps”) often assume that registration for GST/HST under the Excise Tax Act (“ETA”) is not required because supplies made to residential condominium units are exempt of GST/HST.

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LATE TAX OBJECTIONS FACE STRICT DEADLINES

NO SECOND CHANCES WHEN APPLYING FOR AN EXTENSION OF TIME TO OBJECT

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A Notice of Objection (“NoO”) may be filed late – but ONLY if certain conditions and deadlines are met. Many taxpayers are unaware of the ability to apply for a late filing, and equally unaware that when THOSE deadlines are missed, it is all over!