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The uncertain future of the Tax Court of Canada’s Practice Note No. 23 “Preliminary Ruling Docket” in the new COVID-19 reality

September 02, 2020

By Milosz Zak, Associate, and Boris Stanislav, Associate, Farber Tax Law On December 12, 2019, the Tax Court of Canada (the “Tax Court”) introduced “Practice Note No. 23: Preliminary Ruling Docket Procedure” (the “Practice Note”)1 – a pilot project intended to provide parties with a non-binding opinion of a Tax Court judge. Under section 12 of the Tax Court […]

Day Traders Receiving CERB: Audits are Coming

August 25, 2020

By Selena Ing , Associate and Felix Wu, Associate, Farber Tax Law Millions across Canada have been adversely affected by the COVID-19 pandemic, leaving many individuals temporarily laid off or jobless. In response, the Federal Government instituted the Canada Emergency Response Benefit (the “CERB”) in order to provide temporary financial support to workers who have stopped working as […]

What Do I Do If I’ve Made a Mistake on My Taxes?

August 24, 2020

How to handle the CRA if you’ve made an error on your income taxes, including information on the Voluntary Disclosure Program. Correcting Mistakes on Tax Returns Filing your income tax returns can be complicated. There is a lot of different financial data and there are various ways to input the data. With all of these […]

Recognizing the Difference Between Business Income and Capital Gains

August 24, 2020

How to handle the CRA if you’ve made an error on your income taxes, including information on the Voluntary Disclosure Program. The sale of stocks/investments or various other capital property can represent an important tax break for those who’ve realized gains over time. However, often there is a fine line between what the government considers […]

Is House Flipping Considered Capital Gains or Business Income?

August 24, 2020

If you renovate and sell your home, how much tax do you pay? Does it count as a primary residence? Will you pay capital gains? How much is capital gains tax? Is real estate income considered business income? We can help. Is House Flipping Considered Capital Gains or Business Income? Wondering about the difference between […]

Tax Evasion Tip: Working for Cash? Get to CRA Before They Get to You

August 24, 2020

Don’t get caught in for a tax evasion scheme that can mean big problems for you. Contact Farber Tax today for more on the Voluntary Disclosure Program. Working for cash and thinking because it’s cash and there is no paperwork you’re all good? Think again – particularly as it relates to sub-contractors, people in the […]

Tax Avoidance vs Tax Evasion

August 24, 2020

Tax avoidance Canada and beyond are popular topics that cause a lot of people concern. Find out the difference between tax avoidance and tax evasion. What’s the Difference Between Tax Avoidance and Tax Evasion? The Canada Revenue Agency (CRA) expects people to file their tax returns every year and to pay any tax debt that […]

Haven’t Paid Taxes in Years? What To Do

August 24, 2020

If you haven’t filed your taxes with the CRA in many years, or if you haven’t paid debt that you owe, you should act to resolve the situation. We can help How to Deal with Back Taxes There could be many reasons why a person wouldn’t have paid their taxes for several years. You could […]

Will CRA Make a Settlement to Reduce My Tax Debt?

August 24, 2020

When you are facing the harsh reality of a tax debt, you may be wondering whether the Canada Revenue Agency (CRA) will accept a settlement to reduce your tax debt. CRA does have programs where, if you qualify, CRA may cancel interest and penalties – but CRA does not have the same authority as the […]

CRA Reassessment: How Far Back Can It Go?

August 24, 2020

The CRA can reassess your taxes after they have been filed and initially assessed. How far back can a reassessment go? The normal reassessment period is three years but can very depending on the specific circumstances. If you’re being reassessed, you will need the Ex-CRA tax professionals at Farber Tax on your side. If you […]

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