Award Winning Tax Lawyers in Toronto – Barrett Tax Law

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CANADA'S LEADING TAX LAWYERS

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Tax Burdens
Barrett Tax Law
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We have Helped Hundreds of Individuals
Minimize Their Taxes

01.

Assist you with CRA Audits and Provide Tax Planning Advice.

02.

Discuss Options to Legally Defer or Minimize Tax.

03.

Review tax shelter scheme that is deemed to be invalid by the CRA.

What is
Tax Shelter?

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.

What is
Tax Shelter?

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.

Are Tax Shelters Legitimate?

The average Canadian family can shelter up to 30% of their gross income every year thanks to legitimate tax shelters.

LEGITIMATE

Legitimate tax shelter arrangements including investments that the Canadian government encourages such as TFSA, RRSP and RRIF.

ILLEGITIMATE

Illegitimate tax shelters often involve gifting arrangement schemes.  These schemes are frequently targets of Canada Revenue Agency (CRA) scrutiny. Taxpayers should be very cautious to avoid any scheme that sounds too good to be true.

We Can Help

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.

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