CRA has developed a simplified foreign asset reporting system for persons owning less than $250,000 of a specified foreign property throughout the year. There is no change to the $100,000 threshold for reporting. This change is applicable to taxation years ending 2014.
We solve serious CRA tax problems
Pro Tip
ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS
The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.
Testimonial
Sam Faris reduced the significant unreported income based on net worth audit to be nil. Sam’s approach in fighting these types of complex audits is unique and sophisticated. He found countless mistakes made by the auditor which were rectified when Sam appealed the audit decision. Instead of owing significant amount of taxes, Sam reduced it to zero. I highly recommend to hire Sam for this type of audits and any CRA problem.”