Can You Describe What You Do To A Stranger? Tell People What You Do!

If you have been reading my posts on The Urban Daddy, or on inTAXicating, you will know that I sometimes put on my MBA-hat and question everything about the way we do business.

One of the questions I have had for a long time has to do with how businesses choose to identify themselves to the public. We all know that keeping customers is much easier and much cheaper than getting new ones – so they say – which makes the next example even that much more puzzling to me.storefront without sign

Storefronts, in particular, have very limited space to let potential customers / clients know a whole lot about what they do, so that you will use their goods and services, yet many businesses continue to put their brand name on the store, or use an unreadable font which limits their ability to get new customers who are not walking by the store and who have the time to look in the window and walk in.

As I question this, I think back to one of the more complex collections cases that I handled while working at Canada Revenue Agency (CRA) and how after years of being unable to get a cent out of this establishment, I had much different results.  This case had to do with a very large restaurant just North of Toronto which had fantastic food, very positive reviews, incredible decor, and $3,000,000.00 owing in taxes, without a single payment made to arrears in years.

The owners of this restaurant were perplexed at the spiralling debt and their bleak prospects for operating in the future because what started off as a very profitable business venture went south, quickly and at massive costs – both personal and professional.  When their debt grew, they started to cut costs, but it was the wrong costs – like having fresh food on the premises daily, reducing the variety and portion size on their menu and by running out of options at meal time.

Regular patrons became frustrated with the frozen additions or the cutting out of their favourite meal choices and as their clientele dwindled to handfuls of patrons during the day and at night, it only made matters worse.

With their personal assets fully leveraged to keep the business running, they were steps away from bankruptcy and losing everything.  They also were not paying their tax debts, but they were staying current on their filing obligations, and between the threats from previous collectors and their power being turned off all the time, they knew the end was near.  After hearing this, I thought I would need to see it myself, so I took my newly earned MBA and headed out to have a conversation with them about what they had intended to do with these debts.

But I could not find the restaurant.

It was supposed to be 15,000 square feet, and I knew the intersection quite well, but could not for the life of me find their establishment.  I called the owner and while I was circling the plaza on the corner he was frazzled about how I could not see their fantastic place, which I found to be very bizarre.

I ended up parking on the plaza on the corner and walked past a couple of stores before finally seeing what I had been circling for the better part of 20 minutes.  Their restaurant.

The outside of the building looked run-down and there was no name on the building.  I could not even tell where the front door was, and once I got to the door, I didn’t even know if it was open.  There was no sign that even said “Restaurant” or specified the type of food that was in there. There was some very hard to read script writing near the top of the building and near the door, but it looked more like graffiti than it did, a brand name.

Having been there a couple of years, locals knew about them, ate there but to an onlooker, there was no way of knowing there was a restaurant there.  I started to see a pattern emerge.

Upon sitting down with the owners I immediately suggested they perform a search on the business on the Internet (Alta Vista, I believe) and there right in front of their eyes, were people commenting about how they had made reservations but could not find the building, so did not go, or that they arrived but could not tell if the place was open, or where the front door was.  There was obvious frustration.

To me, it was common sense, that this building needed a sign that read “Italian Restaurant”, so at least people would know where they were going, or people who drove by or walked in the plaza would know there was something there.  On a more obvious scale a giant arrow pointing at the building would have been better but this was a very classy place, and that would cheapen the brand, they felt.

Needless to say, I spent 3-4 hours there, we talked about everything relating to their business, their debts – business and personal, and at the end of the day I decided to give them a couple of months to sort things out, reduce some costs, and try to attract more business which they knew they needed.

All of this effort was rewarded when they sent in a cheque for $250,000 at the end of the following month to the CRA.  By the end of the year, they had paid off $1.8 million dollars of their debt, and by the end of the next year, they were fully paid up (including penalties and interest) and business was booming.

Is it 100% a result of something I said? Probably not. Did I afford them the time to make money and pay off the debt, yes I did, but I also went through their options should they have chosen bankruptcy, a proposal, or to ignore the CRA completely and wait for their assets to seized and the directors assessed.

With all that information they were able to make an informed decision, the most obvious to me being that they improved their signage, cleaned up the outside, and put a neon sign which flashed “OPEN” on a very visible spot near the sign and near the door (with a classy arrow pointing towards the door).

But how does this apply to you and to me?

I recently took part in a challenge on LinkedIn to say what I do for a living in one sentence. I thought how hard could it be, and I wanted to check out what others had written before me. With over 300 respondents, I would have plenty of samples to review before taking the plunge, but I was shocked by what I saw.

I saw people – people I do not know – in businesses I did not know who wrote things like this;

“I solve all of your problems.”
“I get you want you need at the price you want.”
“I’m what you need.”
Even, “We’ve got you covered.”

I looked further at their business profile to see if I could tell what they did, however their business name, or description was equally as vague.

I read and read and read, almost 100 of them by now, and when I came to a comment by a lawyer, I was dumbfounded when I saw this; “I practice law.”

I immediately thought about what I would do if I came to this networking group for a professional to hire in a very specific area and I saw “I practice law” as someone’s description… Would I contact them to find out what kind of law? Or would I go to the next person.

I went to the next person.

Then the next and the next and the next.

Then I posted challenging people to go back and edit their posts. Be proud of who you are and the services you offer. Tell everyone what you do, be clear, but be brief, and if someone has more questions or wants information, they will reach out to you.

So what about my post?

Now I had a lot to live up to, because I called out the patrons of the group and if my post sucked, boy would I be the biggest hypocrite in the world.

So I posted this;

“My expertise is with the Canada Revenue Agency (CRA), and their Collections / Enforcement division and I use this knowledge to help people and business understand taxes and pay only what they owe, on their terms.

Then I said, “please read this and if you do not know what I do, or if there is feedback – positive and negative – please provide it. I too would love the perfect pitch and I appreciate any input from this fantastic group.

So next time you are looking for a restaurant to take your family and you drive by one which only has a name and not a type of food, think about how much business they could be losing by placing their focus on themselves and not on the service or product their offer.

#Tax

Unfortunately… Business is Booming!

Business is booming!

BOOM

I’m of two minds as I write this post.

First off, I am very excited that business is booming!  Emails never stop coming in, social media questions, posts, inquiries roll in, and my phone does not stop ringing, but on the other hand I’m a bit disturbed that business is booming because it means that there are a lot of people in tax trouble with the Canada Revenue Agency (CRA), and they ALL need my help.

With that in mind, here are the 13 things about my tax solution business – and any other business offering tax services – that you need to know so that you can make an informed choice.

13. If you have a Revenue Canada collections problem, would it not make the most sense to take advice from a former Revenue Canada Collector?  Someone who collected taxes, knows the ins and outs of the policy, procedures and legislation?  How about if that person also served as a resource office whose job it was to prepare accounts for assessments and produce them to the Department of Justice?  And what if that person also led teams and managed staff and projects in Collections?  Then you would have the best possibly option representing your interests.  Welcome to inTAXicating.  That is what we do!

12.  Accountants are awesome, and they are busy and you hire them to do accounting work, so they may not have the time to spend on the phone with the CRA negotiating your arrangement or trying to remove a garnishment.  Or, they may get to a point where the CRA refuses to budge and you have no bank account to use.  That is simply not acceptable!

11.   I worked for the CRA for almost 11-years, and I started as an entry-level collector, worked my way up through collections and along the way I led teams, trained staff, and handled some of the most complex files in the Tax Office. I was the resource officer for 5-years, and the Employee of the Year in 2002.  I was their go-to guy, and I still am. I’ll tell you like it is, and I’ll tell the CRA like it is.

10.   If you have a tax / collections / CRA question, you can and should ask it here.  I can tell you what the CRA is doing, and most importantly what they are going to be doing in the near future.  Email me or send it through social media, and I’ll answer it personally.

9. Respect. Given… and Earned. I treat you with respect and I treat the CRA with respect, because nobody wants to work with a representative who calls them “taxman”.  Trust me.  Talk about starting a relationship off on the wrong foot…

8. I do not prepare tax returns. I will not recommend you go bankrupt, and I do not pretend to have an office of “former CRA agents” armed at your disposal.  What I do have is a wonderful relationship with the best tax lawyer in Toronto, the best mortgage broker, CA’s, bookkeepers, financial planner, trustee plus my actual network of former colleagues at the CRA at your disposal.

7. You can hire me for an hour-long meeting after which I will give you a written report of our discussion along with my recommended course of action and the CRA’s probable plan of action. I will also tell you if you can handle it, and at what point you need to circle back to me.

6. I will not take you on as a client if you do not need my services.  I have a reputation to uphold.

5. You can take advantage of my fixed fee service for the entire length of the tax problem(s) so that you have the piece of mind your matters are being dealt with and that when we speak that you are not on the clock. Questions need to be asked and answered, and resolving your tax problem is the only priority, not padding your bill.

4. Areas of expertise include; Collections, Enforcement, Liens, Director’s Liability assessments, S160 assessments, RTP’s, debt management, negotiation and not just limited to the CRA. I’ve fixed tax problems relating to Revenu Quebec, the IRS, Workers Comp (WSIB) and the CRTC.

3. My website sucks! Yes, it does because I’ve been too busy to provide the content to the web developer for correcting. I’m okay with it too, but I will be changing it, soon.   My thought is that it’s better to have an adequate static website and spend my time solving tax problems, than spend millions of dollars a month on advertising then having to increase my fees so that you can pay my bills.

2. Some of the terms used to describe me and the services I perform are; x-taxer, priceless, unbelievable, compassionate, and informative, just to list a few descriptions of me and my business.  I care.

1. I’m really good at what I do. I know the CRA better than they do, and I certainly know what the collectors can and cannot do.  I fix tax problems and I enjoy it.  I am passionate about tax.  You might say I’m slightly inTAXicated.

 

So whether you just received a tax notice that you are not 100% sure about, or if you have a long history of being in Collections at the CRA, I can help you understand what you need to do.  I can navigate you through a Director’s Liability assessment where I have saved firms hundred of thousands of dollars, or negotiate the removal of a lien so you can finalize a house sale or divorce.  I can have your tax returns re-filed with correct figures to reduce balances, or bring your payroll up-to-date.

Two weeks ago a phone question resulted in a corporation not having to pay a $350,000 liability due to statute of limitations, and last week an hour long meeting uncovered 10 plus years of fraud being committed on a business by their CA.

inTAXicating

http://www.intaxicating.ca

416.833.1581

info@intaxicating.ca

@intaxicating

http://www.facebook.com/intaxicating

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Toronto-based but Canada-wide!

Be Proactive: 6 Easy Steps to Reduce Taxes for the 2014 Tax Year… in 2014.

I know, I know.

You have not yet filed your 2013 personal income tax returns here in Canada and already some former Canada Revenue Agency Collections Expert (me) is pushing you to think about your 2014 personal income tax filing.

Well, of course I am.  We are 3-months into 2014 and any time is the right time to help taxpayers save on taxes for the current — and future — years.

Here are 6 quick ideas to get you thinking about ways to save taxes in 2014 starting today!

1. Reduce tax deductions at source.

As I have mentioned before, a tax refund is a sign of poor tax planning equivalent to loaning the Canada Revenue Agency (CRA) your hard-earned income for a year only to get it back after filing your tax return, interest-free.  An easy strategy to minimize or eliminate taxes owing for 2014, is to complete CRA Form T1213, “Request to Reduce Tax Deductions at Source.”

The purpose of this form is to ask the CRA for reduced tax deductions at source for any deductions or non-refundable tax credits that are not part of the Form TD1, Personal Tax Credits Return. In order to complete this form, all income tax returns that are due have to be filed and amounts paid in full before sending this to the CRA.

In addition the request to reduce deductions through Form T1213 must be made each year, and the CRA will respond within 6-weeks time to advise if the request has been approved or denied.  Once approved, the CRA letter should be handed over to the payroll department who will then reduce the amount of taxes withheld at source. Deductions and credits which will be claimed upon the filing of the 2014 personal income tax return such as RRSP contributions (other than those made through payroll deduction), support payments or child-care expenses should be accounted for.

By planning ahead, you get your “refund” throughout 2014 and they can use that saving to set up and contribute to a RRSP, RESP, TFSA or other long-term investment vehicles aimed at deferring tax.

2. File on time.

Everything.  Always.  This way you do not start the tax year paying back debt, or penalty and interest, for missing a filing deadline by a day or more.  The CRA offers an online installment reminder service whereby you will get an email notifying you that your installments are due.  Use that, set key dates in your calendar or have your accountant notify you in advance.  Just do not miss filing deadlines.

3. Donate funds “in-kind

Consider donating appreciated publicly-traded shares, mutual funds or segregated funds “in-kind” to a registered charity or foundation throughout the year, and not just at year end in order to claim a deduction.  The tax receipt received for these types of donations are equal to the fair market value of the shares or funds donated, and the payment of taxes on any accrued capital gains are avoided.

4. Clear up all balances owing (with the CRA and elsewhere)

Along the lines of point number 2, if at all possible, clear up any amounts owing to the CRA as quickly as possible.  You save money by not paying interest which the CRA compounds daily at a rate around 10%, plus the reduction in stress is well worth it.  Also take into consideration that a debt with the CRA can harm your credit or business relationships, whereas a consolidation loan paying back a bank improves your credit.  Same outcome, but different treatment.

5. Consider Income – splitting loans.

As of January 1st, 2014, the prescribed rate has dropped back down to 1% 1. In a typical income-splitting loan strategy, a high-income spouse (or partner) loans funds at the prescribed rate to his or her lower-income spouse. The investment returns minus the tax-deductible interest on the spousal loan can then be taxed in the lower spouse’s hands. The advantage of advancing a loan when the prescribed rate is low is that under the tax rules, clients need only use the prescribed rate in effect at the time the loan was originally extended to avoid the income being attributed back to the higher income spouse so if the loan is establish during the first quarter of 2014, when the prescribed rate is 1%, they can then use that rate for the duration of the loan, which could be unlimited if there is no fixed term and it’s simply a demand loan.

6. Find a great accountant and investment planner who care about you and your family.

One of the most common questions I get asked is how to know if your accountant or investment adviser are meeting your needs, and the way I answer that is to ask you when the last time you spoke to their professionals about you.  When was the last conversation you had with them about you, your family, your work, dreams, goals, aspirations, and about the kids, any side business you have or want, or even about how you get to work or who pays the mortgage of private school tuition for the kids.

If you have never had this conversation then you must be 100% on top of all new legislative changes to be sure you are taking advantage of all deductions and tax credits available and when you hand over your file at tax time, be comfortable knowing that what you are getting is a tax return.  No more, no less.

A  good accountant and a good investment adviser take the time to know you and advise you, send you suggestions, recommendations and tips on ways to save money, invest, reduce taxes, and can help guide your financial future.  You should want to call your financial professionals when you are looking to make a decision that could impact your finances and don’t be alarmed if they don’t know the answer right away.  A well researched answer is much more valuable than an off the cuff opinion.

 

These 6 things should help you get moving in the right direction in 2014 and as always, should you have any questions, concerns or comments, all you need to do is send me an email to info@intaxicating.ca or comment on a blog post here, or at http://www.intaxicating.ca and an answer will be coming your way.

If you wish to inquire about our services. you may do so via the above email address or by call 416.833.1581 and let us guide you through your tax problem, right to its resolution.

inTAXicating.  Where experience counts!

 

Reminder: T4’s and T4 Summaries are due February 28th to the Canada Revenue Agency (CRA)

I’m worried.

Not for me, but worried for you. I’m worried that you have forgotten to prepare the T4 for your employee, or nanny, and that you will not be able to submit the T4 with the T4 summary to the Canada Revenue Agency (CRA) by the February 28th deadline.

If you have not completed the T4 or T4 summary yet and are weighing your options, I have some information you need to consider.

First, provided you have been making regular remittances to the CRA, you already have the information you need to submit to the CRA.

Secondly, if you have been making regular remittances the CRA will have sent you a code which allows you to complete the T4 and T4 summary online and which allows you to file online.

Third, if you let the deadline slide by, you are going to pay a penalty.

Say what you will about the Canada Revenue Agency, but they ask and they listen. If you have had the opportunity to attend a CRA information session (or be on a panel as I have) you know that the CRA wants to know what bothers people and how they can improve things. They really do.

In the good old days, when I worked at the CRA, late filing of a T4 was a minimum $100 penalty (plus interest) and late filing of a T4 summary was a minimum $400 penalty to a maximum of $2500.

The CRA has instituted a new administrative policy that applies to certain information returns to ensure that late-filing penalties are charged in a manner that is both fair and reasonable for small businesses. The penalty is the greater of $100 or a penalty determined as follows:

Relieving administrative policy – penalties
Number of information
returns (slips)
Penalty (per day) Maximum penalty
(100 days)
1 – 5 Not applicable $100 flat penalty
6 – 10 $5 $500
11 – 50 $10 $1,000
51 – 500 $15 $1,500
501 – 2,500 $25 $2,500
2,501 – 10,000 $50 $5,000
10,001 or more $75 $7,500

Of course, if you have to get it done by the 28th and you are close on figures, you can always send them your best estimation and amend the return at a later date.  You won’t get hit with the late filing penalties unless your figures are WAY off from the real figures and the CRA feels you sent these numbers to in some way circumvent the rules.  Interest will continue to apply.

Hope you filed on time.

Is the Canada Revenue Agency (CRA) looking after your best interests?

The Canada Revenue Agency (CRA) does an adequate job at what they are mandated to do, and that is to collect tax revenue and tax information from taxpayers while using their debt management (collections) division to collect from the unwilling or pre-occupied.

From the inside the CRA trains the collectors to understand that those who do not file or pay are “debtors” and that actions should be taken to bring these debtors into compliance right away.

They are also trained that if you can collect from – or force into bankruptcy – these individuals and corporations, that you are doing them a service but forcing them to make decisions that they are unwilling or unable to make on their own.  You’re doing them a favour by putting them out of business.  You stop the “bleeding”.

Those of us who have worked in the “real world” understand that behind the account numbers and names there are real people who are trying to run real businesses and who find taxation either complicated or overbearing and cannot comply with the rules and regulations.

Since failure to comply with some tax laws can result in criminal actions, I believe that the tax rules are complicated and with little forgiveness on the party of the government, one small mistake can shut a business down, or result in significant monetary penalties.

The most frustrating part, I find, is trying to explain to the CRA that their actions – while justified internally – have serious implications on more than a business or a person.

Take for example one of my clients;

I spent the last week in serious discussions with just about everyone at the Winnipeg Tax Services Office, trying to convince then that if they keep a garnishment on a corporate bank account that they will shut down this corporation.

The corporation’s issue, which the collector, team leader, technical advisor, section manager and director felt justified these actions?

They were in collections for 2-years. They had a trust exam and fell behind.

GASP.

I mentioned the accounts I am resolving for them right now involving people and corporations in collections for 15-20 years. 2-years is a drop in the bucket.

I also let them know of the tragic circumstances surrounding this corporation involving a death, an illness and a mass exodus of employees which left one director now trying to keep his corporation alive. That was until the CRA placed the garnishment and wanted to shut down the corporation.

So the collector – new – and the technical advisor – new – find words to justify their actions and the director did not return my calls or letters (yet, apparently) did not feel compelled enough to get back to me and intervene.

The CRA’s solution instead of putting 3 employees out of jobs, and a family man without income to support his young family was to drag out the process and ask for a payment arrangement on a corporation with no income… From their actions.

So whose interests are the CRA looking after?

Theirs?

No.

By not allowing the corporation to operate and earn income they are going to lose out on revenue to pay their liability.

Or when the CRA finally “allows” the business to continue operations and removes the Requirement to Pay from the business bank account, the CRA fails to take into consideration that the business will now need to back back rent, phone bills, internet bills, and likely replenish inventory before they have any funds abailable to pat themselves or the CRA anything.

Is the CRA then looking after the best intentions of the corporations?

Heck no!

By not being able to operate and by stringing along the director, this corporation is bleeding a slow death. Customers are losing faith, employees are quitting or being laid off, and with no money, the corporation cannot afford to fight any more.

It becomes very clear at this point that the CRA is looking after no one’s interests.

The CRA takes actions which are told to them from people who have no concept of reality.  Their actions are destructive and cause more damage than good, most of the time.  They don’t understand that sometimes, no action is the very best action.

Frustrating?

Absolutely it is.

In our specific case, after one whole week of trying to talk sense into the CRA, the collector agreed to lift the garnishment today.  Instead of receiving a payment, however, the CRA will get a plan on how this corporation plans to recover from a poorly executed collection action which got the CRA one payment and now nothing for at least a month.

At the end of the day, because of our involvement, everybody is going to win, but my job would be so much easier if the CRA understood that they need to listen to the experts and let the account resolve itself.

We all would be so much further ahead – the corporations director might have actually slept in the past month – if the CRA had slowly taken actions to remedy the situation rather than freezing the business bank account and not telling the business owner why they were trying to shut him down.

I’m looking out for the corporation’s best interests.  I’m also looking after the best interest of the CRA because we all need them on our side, and not against us.

Someone has to!

A Lesson in POWER: How to ALWAYS Level the Playing Field with the CRA.

Power is a funny thing.

Pretty much everyone wants it at some point in their life.

Most of the people who have it do not know how to use it properly.

To be honest, few will ever get it.

The most important thing to know about power is that it is most successful when used in two ways; either by declaring yourself King and having your cronies keep everyone else at bay by whatever means possible, or secondly by taking the time to get key players on your side and using your network to help you maintain power but all along helping those around you learn and grow, and they help everyone else under them do the same.

Which model do you think is most often associated with government tax collections agencies?

Having spent a lot of time working at the Canada Revenue Agency (CRA) in the collections and enforcement division and being responsible for training collections, enforcement and audit staff there I can honestly say not as many staff there who feel you have to do what they say no matter the consequences as you would think.

It is true that there are employees of the CRA who feel that being in a position of power allows them to do things, say things and act in a manner which is improper or unjustified.  There are also staff there who take their positions of power to a whole new level and they let their egos control their decision-making process which means they wield power in order to realize an outcome in their best interest, not yours.

I have seen how power corrupts and the result is never easy to correct.

The CRA has a lot of power.

Throughout my decade of employment at the Canada Revenue Agency I was surprised with how much power the Agency has and how many taxpayers feared this power.  I could hear collection officers tell taxpayers that they could clean out their bank accounts like “this!” (Insert snapping of fingers sound here), which is true, but also not true.  I learned to be subtle in my use of my apparent super-powers and the way I used my power was to visit my clients and by always making sure that when sitting with a taxpayer / representative that my chair was at its highest so that I would be looking down at them.  It was all I needed when dealing with the career tax evaders because it worked, but it was a tactic not necessary when dealing with 99% of the people I met with.

However, we already know that the CRA has a lot of power and in most cases before they use it, they are going to let you know first by phone, letter or a visit to your home or place of employment.  Once the CRA has decided they need to use their powers they are bound by the guidelines set out in the Income Tax Act and Excise Tax Act and by policies and procedures set out in their tax office.  The extent to which they use their powers is either their decision or it is influenced by their team leader or manager.

Once the CRA starts using their powers, your ability to control the outcome diminishes greatly. What you can control, is how much power you will ALLOW the CRA to use against you.

This is done by being proactive – reading notices, asking questions and keeping all your paperwork in one spot where you can access it once it is asked for.  But if you are past that point, or if it is just not possible, then you can take power back by enlisting the help of people who know the CRA policies, procedures and most importantly, their techniques and tactics.

If the CRA knew they were dealing with someone who knew more about their job, more about their techniques and more about how quickly they need to take an action which they claim is urgent, then the playing field is changed forever.

Having someone there to look after your best interests, who will tell you what the best plan of action for you, and you only, then taking that plan to the CRA and telling them the same is the best way to always level the playing field.  Negotiating is always easier when you know more than your opponent.

So please, if you have a tax problem, old or new, and you have been spinning your wheels with the CRA, the IRS, the MRQ, WSIB or the CRTC, don’t let it continue any longer.  Come visit inTAXicating.ca, or send us an email at info@intaxicating.ca and take advantage of our free consultation to leave how to put these issues behind you once and for all.

Have you ever been put in a position where you accepted something which was not in your best interests because the other side had all the power?

Happy to read your comments below.

Happy Halloween!

Happy Halloween from Intaxicating Tax Services.

Is there anything scarier than taxes?!?

Possibly the taxing authorities and some of the people that work there…

Death and Taxes
Death and Taxes (Photo credit: Thomas Hawk)

Boo!

We’re not afraid of Halloween, taxes OR the government!

#IntaxicatingTaxServices

Cancel or Authorize a Representative with the CRA

If you would like to add a representative to speak to the Canada Revenue Agency on your behalf to discuss your taxes or make changes, all you need to do is complete and sign this handy form, the T1013.

http://www.cra-arc.gc.ca/E/pbg/tf/t1013/README.html

If you follow this link to the CRA website you will find a fillable copy of the form – so you can enter information in the form and print it, NOT, save it – and a form that you can just print and fill in after.

Send this to the CRA and viola… Someone else can speak on your behalf.

If you need someone to get information for the CRA and you only want them to have access for a day, you can set that up through this form to.  Cool, eh?

Of course you will still get the odd Call Services Agent who will not allow you to speak and make you fax the form again, but all in all, this is one handy form to have.

The Canada Revenue Agency is actively looking for Offshore Accounts too…

I have received confirmation from a senior official at the Canada Revenue Agency that the CRA is in fact actively investigating individuals suspected of being involved in the recent offshore account problem overseas.  Thus far, no one has been named publicly and my source at the CRA has confirmed that each person contact thus far has willingly come forward to pay amounts owing in full and that the number of people thus far targeted by the CRA totals less than 100.

The list remains private because the CRA does not want to tip-off those involved that they are coming for them, nor do they want to admit that they are severely short of qualified staff needed to make arrangements with these taxpayers and their numerous numbers of representatives.

The CRA suspects that the list is available elsewhere and that it might be coming to light sooner than many wish which could hurt the CRA and will certainly shame those involved.

The CRA will certainly be looking for additional offshore funds with speculation abound that there will be incentives down the road for taxpayers and financial organizations to disclose to the CRA situations where an individual or organization is placing it’s assets out of the reach of the CRA for tax evasion purposes.

Stay tuned!