Assist you with CRA Audits and Provide Tax Planning Advice.
Discuss Options to Legally Defer or Minimize Tax.
Review tax shelter scheme that is deemed to be invalid by the CRA.
Generally speaking, a tax shelter is a financial arrangement made to avoid or minimize taxes.
In recent years, the CRA has been rather aggressive in cracking down on charity tax shelter schemes. Starting in 2012, the CRA has indicated that taxpayers who participate in gifting tax shelter schemes will have their assessments put on hold. Red flags are often raised when a donor gets a tax receipt for a much larger amount than the donation. In such cases, the CRA will most likely conduct an audit, resulting in donor losing the donation tax credits, as well as potentially facing substantial fines and penalties. Criminal investigations may also occur.
Generally speaking, a tax shelter is a financial arrangement made to avoid or minimize taxes.
In recent years, the CRA has been rather aggressive in cracking down on charity tax shelter schemes. Starting in 2012, the CRA has indicated that taxpayers who participate in gifting tax shelter schemes will have their assessments put on hold. Red flags are often raised when a donor gets a tax receipt for a much larger amount than the donation. In such cases, the CRA will most likely conduct an audit, resulting in donor losing the donation tax credits, as well as potentially facing substantial fines and penalties. Criminal investigations may also occur.
The average Canadian family can shelter up to 30% of their gross income every year thanks to legitimate tax shelters.
At Barrett Tax Law, our experienced Canadian tax lawyers have extensive experience in assisting taxpayers with CRA audits and providing tax-planning advice to help taxpayers minimize their tax burdens. If you are involved in a tax shelter scheme that is deemed to be invalid by the CRA or simply want to discuss options to legally defer or minimize tax, call our office to book a consultation with an experienced Canadian tax lawyer.
