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Today's CRA/CGA liaison meeting report
February 3, 2026
If you signed up for this newsletter and aren't
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two as by then it should be fixed. I hope... and now for
the news...
A brand new outreach activity
CanRev is combining education with possible future
enforcement action should taxpayers not initiate
activity to self-review and adjust their filing for past
and future years.
Apparently thousands of
taxpayers can expect an outreach letter in the next
month before tax time. This is a self-review initiative.
The wording of the letters is being released to CGAs in
the next week.
The outreach is to educate and
to encourage compliance. It’s based on risk assessment,
for example, if your claims for certain line items,
especially those on rental, employment or
self-employment forms are outside the norm for the
population, taxpayers may find one of these thousands of
letters in the mail box.
There are two kinds of
letters, a gentle one, and a more severe one very likely
intended to lead to audit action if the taxpayer
continues to file and doesn’t adjust for prior years.
This is not an audit action and taxpayers will be able
to file a voluntary disclosure if they meet the
criteria.
The top 5 Corporate tax schedules
that are not accurate:
Schedule 3 Dividends
paid/received not reported correctly
Schedule 8 CCA
schedules not completed correctly
Schedule 10 CEC
schedules not completed correctly
Schedule 23
Associated CCPCs, taxable income and business limits not
correlating
Schedule 100 Balance Sheets that don’t
balance
Ongoing initiatives:
Real estate
condo flips
Trucking companies
Underground
economy
Trusts
Individual outreach
visits
Community visits
New
initiatives:
Automotive
Questionable business
losses
Land sub-division
Under trusts
issues identified:
Deducting trustee fees and
investment counsel fees not related to earning of
income
Splitting income to avoid tax, Kiddie
tax
Multiplication of capital gains
exemptions
Settling multiple trusts to lower
provincial taxes
Allocations to minor beneficiaries
which are not paid or payable
Non compliance with
attribution rules
Disclaimer:
Eileen Reppenhagen CGA does
not research or endorse any
product or service appearing in ads
posted on this site.
Please
do NOT rely on or use the
information on this website as a
basis for a course of action without
obtaining appropriate professional
advice
.
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