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Mark Feldstein & Associates Tax Accounting Blog

Brampton Tax Preparer Sentenced To House Arrest For Tax Fraud Scheme

On March 5, 2013 Brampton, Mr. Adegboyega Adenekanad Adebukunola was arrested for fraud. He was pleaded guilty on March 1, 2013 in the Ontario Court of Justice for a count of $5000 under the criminal code. He received a six-month sentence of house arrest and probation for three years. Apart of Mr. Adebukunola sentence he was to assist in preparing or filing income tax returns.to

Mr.

Taking Care of Medical Care

The first (and most important) rule when discussing medical expenses and tax claims is that only medical expenses that the Canada Revenue Agency (CRA) has determined to be eligible may be claimed for tax purposes. A full and complete listing can be found at the link listed here (hyperlink this to http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/330/llwbl-eng.htm…

Post-Secondary Fees – More Than Just An Education

Most of us working adults can look back fondly on our respective university and college experiences. Whether we went to school for training in a skill or trade, or for a profession, we remember first day jitters of making friends all over again or all night-er study sessions before a big exam (the parties were also a good time). But did you know that, in addition to landing you that perfect job,…

2013 Budget Announces New FOREIGN INCOME SNTICH LINE

When the 2013 budget was released this past March, there was a new measure put in place to help the government find major tax cheats.

There is already a snitch line for people to call and get someone audited, but this new line is directly aimed at individuals hiding amounts abroad and this time, the CRA is willing to pay for results.

If an amount over $100,000 is recovered by the Canada…

Tracking the Cost of your Share Purchases

Many investors buy, hold, sell stocks and never pay much attention to the information that they need to be tracking for reporting purposes on their tax returns. Simply put, to calculate the gains or losses on the sale of your shares, you subtract the average cost of the shares from the proceeds.

Unfortunately, many institutions do not continually put the cost of the shares on your monthly…

Charitable Donations for The Average Joe

Canadians are typically known to be extremely generous in giving back and supporting charities and non-profit causes each and every year. Millions of Canadians make donations to their favourite charities by way of a one-time donation or an ongoing monthly or yearly commitment to donate.

There are all kinds of eligible charities that Canadians donate to. These include local religious…

The Underground Economy

The temptation is always there – holding down a steady day job that pays the bills by day, and by night, ply your trade for a little extra spending money on the side. People in almost every sector of industry, from construction and renovation to finance and teaching, are in a position to work for themselves in addition to having a regular job. Many of these people report their earnings on their…

IT’S A SCAM! December 2012 Blog Submission by Robin Wong, CA

Have you ever been in this scenario before? 

Logging into your email account, you have one new message from the Canada Revenue Agency. The email tells you that you that, if you click the link below and provide some personal information over the internet to confirm who you are, the CRA will issue out your tax refund.

Sounds too good to be true? Wondering how the CRA obtained your ema…

CANADA REVENUE AGENCY SPAM EMAIL FRAUD

As tax season approaches, we are bombarded with the usual spam emails from “Canada Revenue Agency” that mention special credits or refunds that we can only get if we follow the link listed and submit information online.

The Canada Revenue Agency does not use email to communicate with the public! They communicate through phone, fax and mail but that is about it. Any email that you receiv…

Failing To File Tax Returns Cost A Man $2,000

A man failed to file personal income tax returns for the years 2008 and 2009 and pleaded guilty. He was given six months to pay his fine of $2,000.

This man was notified several times to file the tax returns that he had not yet filed and due to his failure to do so, he was fined. He has now filed all his personal tax returns to date.

As it is illegal not to file tax returns, every…

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