T5018 forms


January 18th, 2013

Are you involved in the construction industry?  Even remotely?  You may need to be filing the T5018 forms for your subcontractors.  The purpose of these forms is simple: the Canada Revenue Agency knows that the construction industry is full of cash, under-the-table deals, and these forms are a useful tool in combating it.

Here is a comprehensive list of who may be considered to be involved in the construction industry.  Check it out……. and if your business activity is on this list, be sure to get those T5018 forms filed.

The forms are due within 6 months of your year-end.  And yes, there are very substantial penalties for failing to comply.

 

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Submitting large files


January 7th, 2013

Attention to all clients: if you are sending me any files electronically, I encourage you to use the upload link on my website.  On the home page (www.prioritytax.ca), go to the bottom of the page and you’ll see the file upload option.  This is faster than attaching it to an email.

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Email scam


December 3rd, 2012

It would be absolutely fantastic if the Canada Revenue Agency would send you an email that promised you a refund.  However, if you get what appears to be exactly that, please don’t fall for it.

Every year several of my clients get one of these: www.cra-arc.gc.ca/ntcs/frdlntmls-eng.html

They are frauds…..Canada Revenue Agency doesn’t correspond via email.

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Audit


November 14th, 2012

Back in the old days, if you were selected for a business audit, you’d typically get audited for both income tax and GST/HST (assuming you were a registrant, of course.)  The word is that this is changing – now, you’ll either get audited for one or the either.  Naturally, I would fully expect the auditor to do a cursory review of whichever one is not being audited.

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