New CRA requirements for Corporations
CRA has started to send letters to corporations requesting shareholders' information. Schedule 50 in the corporate tax return is supposed to contain shareholder information such as the proper legal name of the shareholder/s, SIN number/s, Business Number/s as well as the percentage of ownership in the corporation. Do not fret if you receive this type of letter since this campaign will not result in reassessment, penalties, or audits. Audits, Collections, and Compliance Activities are resuming this fall: 1. Audits: Focusing on higher dollar audits first, complex and aggressive tax planning arrangements using partnerships and trusts by high-income earners; 2. Collections: Agents are calling individuals and businesses with balances owing to discuss and evaluate payment options; 3. Compliance: Individual and Business tax reviews are in place. Agents will contact individuals and businesses who have not filed tax returns.
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