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March 08, 2019
How to Calculate Capital Gains Tax You don’t need a capital gains tax calculator to figure out how much you’ll have to pay if you sell an asset. When you sell an asset for more than you paid for it, you are required to pay capital gains taxes on the profits. How much is capital […]
October 02, 2018
Understanding CRA Reassessment Processing Time When you first file your tax return, the CRA will review it and provide you with a Notice of Assessment. Typically, you will receive this notice within two weeks if you filed electronically or within about eight weeks (or more) if you mailed in paper copies of your tax return. […]
September 11, 2018
What Are the CRA Debt Forgiveness Rules? If you owe tax debt, and you’re not able to pay the amount that you owe, you might be wondering if there are any CRA debt forgiveness rules that will reduce the amount owing. In general, the CRA (Canada Revenue Agency) will not accept less than the full […]
September 11, 2018
Filing Back Taxes in Canada You should file your taxes on time. This is the best way to avoid interest charges, penalties, and additional hassle from the Canada Revenue Agency (CRA). However, for many reasons, people sometimes do not file their taxes when they should. Maybe you forgot or maybe you didn’t realize that you […]
September 06, 2018
In Canada, CRA capital gains tax is charged whenever you sell an asset for a profit. It is Important to know what is capital gains and what is business income to determine if you will be taxed. Find out how to calculate capital gains tax, how much is capital gains tax, and more What You […]
July 06, 2018
Find out how much you owe the CRA and what you can do to repay your tax debt. Calculating CRA Tax Penalties If a tax return is filed late, or if taxes are not paid when they are due, the Canada Revenue Agency (CRA) will charge interest and penalties on the balance owing. These charges […]
June 25, 2018
What you need to know about the CRA Statute of Limitations, including how far back the CRA can go when assessing and collecting tax debt or auditing tax returns. What is the CRA Statute of Limitation on Tax Debt? Paying off tax debt is difficult, but so is understanding various tax laws and Canada Revenue […]
June 18, 2018
CRA penalties and interest can accumulate quickly on a CRA debt. CRA Interest compound daily and can change every three months. Penalties such as the late-filing penalty can end up adding up to and above 17%. There are options for tax relief however. Contact Farber Tax to find out how. Overview of CRA Penalties and […]
February 22, 2018
If you own US real estate or earn income from real estate in the United States, you may be required to disclose this information. The CRA is looking for those who do not comply. The Voluntary Disclosure Program (VDP) may help you. CRA Taxes on Bitcoin Income Bitcoin prices surged towards the end of 2017, […]
November 24, 2017
Generally speaking, corporations are considered to be distinct legal entities, separate from their stakeholders. This separation serves to protect shareholders and directors from the liabilities of their corporations. However, in cases where the CRA is unable to collect the tax arrears of a corporation, it can sometimes “pierce the corporate veil” and hold third-parties personally […]