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As outlined in the CRA’s departmental plans for each fiscal year, recent areas of focus for audit activity have included aggressive tax planning in the high-net-worth population, unwarranted GST/HST refunds and real estate transactions. For example, this could involve a request for support and backup documentation for foreign tax credits claimed by a Canadian client with foreign investments in their portfolio who has already paid foreign withholding taxes.
Jenny Mboutsiadis, partner and tax litigator with Fasken Martineau DuMoulin LLP in Toronto, has noticed more related-party audits of high-net-worth individuals, with a view to ensuring they’re reporting foreign assets and income. In this sector, the CRA has focused on education, says John Waters, vice-president, director of tax consulting services with BMO Private Wealth Inc. That includes outreach aimed at informing individuals – such as rideshare operators and social media influencers – of their income tax or GST/HST requirements and how to report.
Indeed, the agency has publicly noted that it’s expanding compliance activities regarding real estate transactions, including “more widely disseminating and applying real estate data across the CRA.”
Source: Entertainment Trends (entertainmenttrends.net)
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