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Archive for the ‘GST/HST News’ Category

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RCMP, CRA issue warning on taxpayer scam

Friday, July 15th, 2016

Once again CRA is warning about the scams out there. During busy season we had several surface. Please be wary when receiving calls from CRA. Question the individual and challenge them. It is your right to do so! Click here for article

Posted in GST/HST News, Information for Charities and Not for Profits, Tax News Comments Off on RCMP, CRA issue warning on taxpayer scam

Canada Revenue Agency – What to Do Following a Death

Thursday, January 14th, 2016

Coping with the death of a loved one is difficult. This article contains basic information that families and legal representatives should know to start settling the affairs of the deceased person. For more information, go to www.cra.gc.ca/deceased or see guides T4011, Preparing Returns for Deceased Persons, and T4013, T3 Trust Guide.

 Click here to access the full PDF

Posted in Accounting News, GST/HST News, Tax News Comments Off on Canada Revenue Agency – What to Do Following a Death

December Newsletter

Friday, December 18th, 2015

Our December 2015 newsletter is now available.  Click here to view:  HODGE PODGE DECEMBER 2015.

Posted in Accounting News, GST/HST News, Information for Charities and Not for Profits, Tax News Comments Off on December Newsletter

September 2015 Newsletter

Friday, October 2nd, 2015

Our September 2015 newsletter is now available!  Please click here to view the newsletter.

Posted in Accounting News, GST/HST News, Information for Charities and Not for Profits, Tax News Comments Off on September 2015 Newsletter

February 2015 Newletter

Monday, February 23rd, 2015

Our Feburary 2015 newsletter is now available!  Click here the following link the view the newsletter: February 2015

Posted in Accounting News, GST/HST News, Information for Charities and Not for Profits, Tax News Comments Off on February 2015 Newletter

CRA news release on Heartbleed bug

Monday, April 14th, 2014

Statement by the Commissioner of the Canada Revenue Agency on the Heartbleed bug

After learning that the Canada Revenue Agency (CRA) systems were vulnerable to the Heartbleed bug, the CRA acted quickly to protect taxpayer information by removing public access to its online services on April 8, 2014.

Since then, the CRA worked around the clock to implement a “patch” for the bug, vigorously test all systems to ensure they were safe and secure, and re-launch our online services late yesterday.

Regrettably, the CRA has been notified by the Government of Canada’s lead security agencies of a malicious breach of taxpayer data that occurred over a six-hour period. Based on our analysis to date, Social Insurance Numbers (SIN) of approximately 900 taxpayers were removed from CRA systems by someone exploiting the Heartbleed vulnerability. We are currently going through the painstaking process of analyzing other fragments of data, some that may relate to businesses, that were also removed.

The CRA is one of many organizations that was vulnerable to Heartbleed, despite our robust controls. Thanks to the dedicated support of Shared Services Canada and our security partners, the Agency was able to contain the infiltration before the systems were restored yesterday. Further, analysis to date indicates no other CRA infiltrations have occurred either before or after this breach.

Beginning today, the Agency is putting in place measures to support and protect the individuals affected by the breach. Each person will receive a registered letter to inform them of the breach. A dedicated 1-800 number has also been set up to provide them with further information, including what steps to take to protect the integrity of their SIN. The Agency will not be calling or emailing individuals to inform them that they have been impacted – we want to ensure that our communications are secure and cannot be exploited by fraudsters through phishing schemes.

The CRA will also provide those who have been affected with access to credit protection services at no cost. And we will apply additional protections to their CRA accounts to prevent any unauthorized activity.

On April 11, 2014, I informed the Privacy Commissioner of Canada of the breach. The RCMP are investigating.

As the Commissioner of the CRA, I want to express regret to Canadians for this service interruption. In particular, I share the concern and dismay of those individuals whose privacy has been impacted by this malicious act.

CRA online services are safe and secure. The CRA responded aggressively to successfully protect our systems. We have augmented our monitoring and surveillance measures, so that the security of the CRA site continues to meet the highest standards.

I know that all employees of the Canada Revenue Agency join me in appreciation for the cooperation and patience of the public, businesses and representatives as we resolved this situation.

Andrew Treusch
Commissioner

 

Posted in Accounting News, GST/HST News, Information for Charities and Not for Profits, Tax News Comments Off on CRA news release on Heartbleed bug

Dos and Don’ts for Small Business Audits

Monday, January 23rd, 2012

Dos and Don’ts for Small Business Audits

If your small business is getting audited, it’s important to know what type of audit is being done – a request for information which follows a tax filing; a desk audit which usually follows an unusual filing such as a large HST refund; or the rarer field audit which means the Canadian Revenue Agency wants to examine your books. The article When your small business gets audited from the Institute of Chartered Accountants of Ontario provides a list of the dos and don’ts to ensure the audit goes as smoothly as possible.

Posted in GST/HST News, Tax News Comments Off on Dos and Don’ts for Small Business Audits

TOP FIVE CLIENT HST QUESTIONS

Monday, November 1st, 2010

Top Five KD Wray Client HST Questions

1.  Why is my HST payment so large?

  • The main reason for the increase in your HST/GST remittance is that the rate has increased from 5% to 13%.  If you previously charged PST on your sales then you are not actually paying any more than you were before.  However, you have not remitted the PST balance since July 1 when the HST came into effect and your HST remittances now include the PST amounts.      

2.  Is my HST remittance reasonable?

  • One quick check you could do if you think your HST/GST payment is too high is a reasonability test.  One method would be to take your average remittance for the last couple of periods and divide the amount by 5% then multiply by 13%.  This will give you an estimate of what your HST/GST payment should be if you have consistent remittance amounts.

3.  How can I better manage cash flow for HST/GST?

  • If you are a quarterly or annual filer then you may be having trouble managing cash flow with the increase in the HST/GST rate.  One method for managing cash flow would be to monitor your sales monthly and set aside a percentage of your sales based on previous remittances.  You may even want to consider sending in HST/GST installments monthly to spread out the cost.  Another major problem with cash flow is that you are now required to remit a higher rate but you may not have collected the money yet.  Reviewing and updating your collection procedure for accounts receivable may help you collect these funds in a more timely manner to help cover you HST/GST remittance.

4. Where are my HST/GST forms?

  • If you have previously remitted your HST/GST returns electronically then you are most likely no longer receiving your remittance forms in the mail.  Instead, you have received a letter from the government which includes a Netfile access code.  DO NOT THROW THIS OUT!  You will need this number in order to file your HST/GST return.  A working copy of the GST return is provided when you log on to Netfile your return or you can click here to access a non-personalized working copy.

5. How do I calculate HST when it is included in the price?

  • The simplest way to calculate the HST portion that is included in an amount is to multiply the total amount by 13/113. 

Posted in GST/HST News Comments Off on TOP FIVE CLIENT HST QUESTIONS

TOP TEN HST/GST ISSUES

Monday, November 1st, 2010

Canada Revenue Agency – Top Ten list of HST/GST Issues

 

1.  Place of supply rules – Goods (B-103)

  • Generally, HST/GST charged based on where goods are delivered.  Special rules for leases, licence, or similar

2.  Place of supply rules – Services (B-103)

  • Generally, home or business address of customer determines place of supply for services.  Certain exceptions apply.

 3.  Place of supply rules – Intangible Personal Property (B-103)

  •   One of three rules may apply depending on the circumstances

4.  Recapture of input tax credits (B-104)

  • For large corporations only (Annual sales greater than $10 million) certain input tax credits are disallowed

5.  Indians in Ontario (GI-106)

  • Between July and September 2010 – rebate form available
  • After September 1, 2010 – point of sale rebate

6.  Estimation factors for calculating ITCs on expenses when using credit cards

  • Factor used should be 12/112 per CRA policy statement P-184

7.  Private purchases of cars and boats

  • Cannot recover the 13% paid when a vehicle is registered and tax is collected by the Minister of Transportation

8.  Electronic filing – Net file

  • Mandatory electronic filing if annual sales greater than $1.5 million

9.  Quick method of accounting

  • New rates apply – see RC4058

10.  Rebates

  • Housing rebates
    • GST New Housing Rebate (RC4028)
    • Ontario New Housing Rebate (GI-079)
    • RST Transitional New Housing Rebate (GI-088)
    • Transitional Tax Adjustment for a Grandparented Sale (GI-095)
  • Public Service Body Rebate
    • Rebate of the federal part (GST66)
    • Rebate of the provincial part (RC7066-SCH)

Posted in GST/HST News Comments Off on TOP TEN HST/GST ISSUES

GST/HST FORMS AND NEW ELECTRONIC FILING REQUIREMENTS

Tuesday, August 17th, 2010

Just a reminder that effective July 1, 2010 electronic filing is mandatory for:

  • GST/HST registrants with greater than $1.5 million in annual taxable supplies (including zero-rated supplies);
  • All registrants required to recapture ITCs for the provincial portion of the HST on certain inputs;
  • Builders affected by the transitional housing measures.

Penalties may apply for non-compliance

It appears that the Canada Revenue Agency may no longer be sending a working copy of the GST return to businesses if they have electronically filed in the past, regardless of whether or not they meet the mandatory requirements. 

 DO NOT discard the information sheet received from the Canada Revenue Agency as it will still have important information needed to Netfile your return.  A working copy of the GST return is provided when you log on to Netfile your return or you can click here to access a non-personalized working copy.

Posted in GST/HST News Comments Off on GST/HST FORMS AND NEW ELECTRONIC FILING REQUIREMENTS

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