Archives for Tax

Now You Know Automatic Exchange of Information

Welcome to series of Tax educational posts -->Now You Know Automatic Exchange of Information  Short name AEOI As usual, this 5 minutes posts explain WHAT, WHY,  and HOW. What is AEOI Under the Foreign Account tax Compliance Act's (FATCA), and to counter tax evasion, the AEOI drew up common rules for reporting clients assets and income. These information will be report back to client's home country authorities Scope. Request Financial Institutions (FI)  report new and existing account holders, whether local
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Now You Know Taxpayer and Preparer Responsibilities

Welcome to series of Tax educational posts -->Now You Know Taxpayer and Preparer Responsibilities As usual, this 5 minutes posts explain WHAT, WHY,  and HOW. This posts focus on Income Tax Act (ITA) Subsection on Wilful Evasion S 114 - Wilful Evasion What constitutes Wilful Evasion or intend to evade Assist any other person to evade S.114 (1) Nature of assistant / advice given by any person or tax preparer --> offence under S.114 (1A) Consequences of such Wilful Evasion action Wilful
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Now You Know Tax Penalties and Offences

Welcome to series of Tax educational posts --> Now You Know Tax Penalties and Offences As usual, this 5 minutes posts explain WHAT, WHY,  and HOW. The following Income Tax Act (ITA) Subsection focus on Now You Know Tax Penalties and Offences S 112(1) - Failure to Furnish Return - a Single Tax Return A person default in furnishing a complete return under S.77 (1) & S.77A(1) without reasonable excuse A person default in giving a notice of chargeability under S.77
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Now You Know Tax Top 15 Disallowed Expenditures

Welcome to a new series of TAX educational posts -->Now You Know Tax Top 15 Disallowed Expenditures. As usual, this 5 minutes educational posts explain WHAT, WHY,  and HOW. Income Tax Act S. 39 (1) Listed revenue expenditures specifically disallowed to deduct against business revenue. Disallowed expenditure increased taxpayer  net taxable profit, therefore higher tax liability to taxpayer   Now You Know Tax Top 15 Disallowed Expenditures (Sorted from Latest to Earliest) S39(1)(Q) Failure to Deduct tax from payment to Non
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