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Mark Feldstein & Associates Tax Accounting Blog

Acceptance into the Voluntary Disclosure Program

There are a number of situations that would lead to someone being accepted into the Voluntary Disclosure program. The program applies to people:

who have not filed their personal tax return, trust return or corporate tax return or who have failed to report income. This includes foreign pension income that was never reported.
who have not filed GST returns. Input tax credits may be claimed…

Ontario Resident Jailed for GST Fraud

Abosede Adeoye of Toronto was found found guilty of GST fraud on January 28, 2009. There were six counts of filing false GST returns. On April 30, 2009, Mr. Adeoye was sentenced to 90 days in jail, three years probation and fined $12,050. The fine represents 50% of the amount of false GST refund obtained and attempted to obtain.

CRA’s investigation revealed that Mr. Adeoye claimed $342,114 of…

Tax Shelter Alert

The Canada Revenue Agency is warning taxpayers about tax investment schemes that will increase tax losses. These investments are watched closely by the CRA and if reassessed there can be substantial penalties and interest charged.

The typical scenario is where a taxpayer buys a non-registered investment with large losses in excess of their investment. The loss usually results in a substantia…

Ontario Budget 2009 Overview

The Ontario budget was delivered on March 26, 2009 with a projected deficit of $3.9 billion in 2008- 2009 increasing to $14.1 billion in 2009-2010. This budget proposes to harmonize Ontario’s 8% retail sales tax and the federal 5% GST to create a single 13% value added sales tax. The changes are effective July 1, 2010.

The budget proposes minor tax changes for individuals while increasing t…

2009 Automobile Deduction Limits

The automobile expense deduction limits and prescribed rates for the automobile operating expense benefit that applied in 2008 will apply in 2009. The government reviews these rates and limits annually and any changes are made prior to the beginning of the year.

The ceiling for claiming capital cost allowance on passenger vehicle will remain at $30,000. You can purchase a vehicle greater than…

Owner of Thunder Bay masonry business fined for tax evasion

Joseph Kolic of Thunder Bay, pleaded guilty on February 17, 2009 on two counts of tax evasion in the Ontario Court of Justice in Thunder Bay. He was fined $24,449 which is 100% of the taxes that he attempted to evade. Mr. Kolic also had to pay civil reassessments amounting to $76,559 for federal taxes, provincial taxes, GST, penalties and interest.

Mr. Kolic operates Joe Kolic Masonry and failed…

London businessman fined for not filing tax returns

On January 9, 2009, Morley Brian Haynes of London Ontario, pleaded guilty in the Ontario court of Justice in London Ontario for failing to file income tax returns. Mr. Haynes was charged four times and was fined $1,000 per charge totaling $4,000.

In addition to fines, penalties and interest, individuals and corporations are still required to file past tax returns and pay the amount that is due.

Budget 2009 Overview

Finance minister Jim Flaherty’s federal budget on January 27, 2009 features a package designed to stimulate economic growth and to help Canadians to weather the current recession. The purpose of the budget is to get Canadians spending once again. The proposed deficit for 2008 – 2009 fiscal year will be $1.1 billion. This will be the first deficit in thirteen years. Originally, the federa…

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