The Scary Tax Lady is watching……and she means business!
Google “tax audit”:
And it’s happening.
Extra tax auditors, tighter oversight, criminal investigations….
This year, The Canada Revenue Agency (CRA) is upping their game when it comes to catching the wicked tax dodgers, after recent reports revealed possible tax cheats and loopholes in the system, which certain offshore investors were also, apparently, tapping into.
Goosebumps-inducing, isn’t it? Not if you report honestly come tax time.
The government is banking on catching the perps, which seem to have been slipping through the cracks. With a budget hike to bankroll tax hack crackdown , the CRA is already criminally investigating 20 cases of tax evasion and conducting 750 tax audits, according to Financial Post.
“The budget aims to recover $2.6 billion over five years through a pledge of $444.4 million to support the hiring of auditors and undertake investigations and verification of filings,” reported Business Vancouver.
The CRA crackdown:
The Canada Revenue Agency’s crackdown on tax fraud in the overheated real estate markets of Ontario and British Columbia is bearing fruit, with auditors recovering $240-million in unpaid taxes and $12.5-million in additional penalties over the past 18 months, new figures show.
The money is being recovered as auditors focus on several issues identified in a series of stories in The Globe and Mail, including property flipping, efforts to hide capital gains and avoid paying sales taxes, and false ownership statements. — The Globe and Mail
Stay on CRA’s good side, when it comes to proper tax filing because no one wants to be the receiver of THAT call……