TAX TICKLERS… some quick points to consider…

  • CRA’s My Account for Individuals and My Service Canada Account are now linked such that users can easily switch between online personal tax information and other benefits (ex. EI, CPP, and OAS).
  • Employers will soon be able to distribute T4s electronically (provided certain conditions are met).
  • In September 2016, the CRA transmitted 315,160 banking records to the IRS under the information sharing requirements in the Foreign Account Tax Compliance Act (FACTA).
  • CRA monitors publicly available information, including social media posts for certain Canadians (particularly “high-risk” taxpayers).
  • CRA has required that Square Canada Inc. provide them with details on certain businesses using Square Readers to process sales.

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