Tax Doctors Canada Tax News And Information

Losing your job is never a pleasant experience. And while you might think that the taxman would be sympathetic to such circumstances, this is unfortunately not the case. When you receive a severance package upon termination of your employment, that money received is taxable. However, there are some tricks at your disposable to minimize the full tax burden.

“How far back can the government go"? This is a common question that we hear. Recently, we had an individual contact us about his audit. Canada Revenue Agency (CRA) was auditing his personal tax return. He operated a business for about ten years, and CRA was reviewing his expenses. CRA wanted to examine approximately the last eight years worth of expenses.