Introduction: Why the Voluntary Disclosure Program Matters If you’ve fallen behind on taxes, failed to file T1135 foreign asset forms, or missed GST/HST returns, the CRA Voluntary Disclosure Program (VDP) offers a path to correct past mistakes while avoiding harsh penalties and prosecution. For many years, though, the definition of “voluntary” was so restrictive that…
Introduction As a medical professional, your focus is on patient care, not navigating the complexities of tax compliance. However, the nature of your work often makes you a prime target for CRA audits. At Dexado Accounting & Tax, we understand this all too well. Led by an ex-CRA auditor and CPA, our team knows exactly…
The Canada Revenue Agency (CRA) is dedicated to improving its services to better serve Canadians. As part of this commitment, the CRA has introduced enhancements to its online services, Change my return and ReFILE, allowing individuals to easily request changes to their tax returns. These services provide a convenient and secure way for taxpayers to…
What Small Business Owners Should Know About CRA Audits It’s no secret that small businesses are often targets for audits by the Canada Revenue Agency (CRA). They can reach back up to six years to review your books. It’s important to know that CRA audits can take a long time and can be costly. Without…
Small business owners in the residential construction and general contractor industries face unique challenges when it comes to accounting and taxes. Operating as a cash business in the construction industry carries a high risk of being audited by the Canada Revenue Agency (CRA), so it is crucial to have a strong understanding of tax…