Tuesday, 19 June 2018

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HORROR STORIES

The pursuit of BIGGER tax refunds can be a dangerous trap.

Come tax time, Canadians and their media are obsessed with tax refunds. Getting money back when you file your tax return seems to be the greatest good, and the standard by which tax preparers are measured. Mobile signs on street corners advertise BIGGER refunds. Advisors on their internet blogs offer sage advice for putting your refund to the most advantageous use. One such advisor even suggested giving the proceeds of a tax refund to adult children to help with the downpayment for a house. (Just how BIG a refund does he believe is to be expected?) It makes one question the legitimacy of the expectations created by the accounting industry. Apparently, the bigger the refund, the better the accountant. 

In counterpoint to this commercialized and frantic pursuiot of a bigger tax refund, DioGuardi submits, based upon many decades of tax practice and an intimate understanding of the Canada Revenue Agency, that the true golden mean of tax is to pay what you ought to pay, and not a penny more or a penny less, according to the tax rules enacted into law by the people you elect as your federal and provincial representatives.

The Full Story...

CRA shutters tax filing portal in the height of tax season

CRA shutters tax filing portal in the height of tax season - 4.3 out of 5 based on 10 votes

“Keep your tax matters private. Keep tax offline,” says Philippe DioGuardi.

( 10 Votes )

From our archives
April, 2014
Last week the Minister of National Revenue, The Hon. Kerry-Lynne Findlay happily announced that more Canadians were filing T1 tax and benefit returns online than ever before. As of March 24, 2014, the Minister reported that the Canada Revenue Agency (CRA) had received over 6.7 million returns, with close to 84% filed electronically, compared to 80% at the same time last year. Electronic filing is quickly becoming the norm, said the Minister, as taxfilers discover how convenient, easy, and secure online filing is. Direct Deposit has also increased. So far, 65% of taxpayers getting a refund received it by direct deposit compared to 61% at the same time last year. Minister Findlay encouraged all Canadians to join the growing number of their neighbours and friends who are filing online. 
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DioGuardi: Can the CRA see my internet searches? (And why should I care?) The answer will scare your pants off.

DioGuardi: Can the CRA see my internet searches? (And why should I care?) The answer will scare your pants off. - 4.3 out of 5 based on 761 votes

( 761 Votes )

Toronto tax lawyer Philippe DioGuardi believes the internet is a dangerous place to look for tax problem help. 

“The internet is fine if you’re shopping for shoes,” Mr. DioGuardi says. "But when it comes to your tax life, and in particular a tax problem, you might as well stand naked in the street and shout your troubles to the world. There is no privacy on the internet."

“Every ad you click on, every search term you enter into your browser, every site you visit leaves a permanent record that the Canada Revenue Agency can request to view, through legal channels.

The Full Story...

DioGuardi: Yes, the CRA can freeze your bank account. And once they've got your money, good luck getting it back.

DioGuardi: Yes, the CRA can freeze your bank account. And once they've got your money, good luck getting it back. - 4.3 out of 5 based on 1659 votes

( 1659 Votes )

It’s a tremendous violation of your personal property. One day you use your debit card at the gas station, or the grocery store, and the transaction is declined. You call your bank, and the answer makes your blood run cold. The Canada Revenue Agency has secured a court order to seize personal assets in payment of your tax arrears, and the first – and easiest - target is your bank account. There’s nothing the bank can do until you come to terms with the CRA.Yes, the CRA can freeze your bank account.  And once they've got your money, good luck getting it back.

Here’s a summary of what the CRA can seize, why they can do it, and what it will take to get your bank account working again.

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Unprecedented database leak of names and particulars of offshore account holders exposes legitimate Canadian taxpayers to dangerous scrutiny.

Unprecedented database leak of names and particulars of offshore account holders exposes legitimate Canadian taxpayers to dangerous scrutiny. - 4.7 out of 5 based on 200 votes

( 200 Votes )

Tax lawyer Paul DioGuardi warns that the scope and specificity of the personal and account information leaked to the worldwide media this week by the International Consortium of Investigative Journalists in Washington, DC has exposed Canadians with legitimate offshore trusts and corporations to the scrutiny of the Canada Revenue Agency, and even international revenue watchdogs.

“The immediate response from governments and tax authorities will be to protect themselves from public outcry,” Mr. DioGuardi cautions. “Canada’s Ministers of Revenue have long been under fire for perceived lack of initiative in tracking down and prosecuting offshore tax evaders. 

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Yes, the CRA can take your home. And bankruptcy won’t wipe out a tax lien. But there are ways to access your home equity and protect your home.

Yes, the CRA can take your home. And bankruptcy won’t wipe out a tax lien. But there are ways to access your home equity and protect your home. - 4.2 out of 5 based on 1233 votes

( 1233 Votes )

When the Canada Revenue Agency registers a lien against your home, it’s a frontal attack on your biggest asset.  It’s aggressive collection on the part of the CRA. And it’s something that happens because a tax balance has remained unpaid for an extended period of time.  It’s a serious matter. But if you stay calm and act reasonably, there are things you can do, and ways you can use your home equity, to help pay the CRA and protect your home.

Here are the answers to common questions about tax liens… to help you understand what to do, and where to turn for help.

 

The Full Story...

The Dangers of Tax Credits : Free money or an invitation to audit?

The Dangers of Tax Credits : Free money or an invitation to audit? - 4.4 out of 5 based on 274 votes

( 274 Votes )

Come tax time, Canadians and their media are obsessed with tax refunds. Getting money back when you file your return seems to be the greatest good and the standard by which all accountants and financial advisors are measured. And all in pursuit of the candy trail laid carefully by politicians to buy your vote.

While there is merit in organizing one’s financial affairs to pay the least amount of tax possible under the law, the unmitigated quest for a tax refund creates dangers for both the tax filer and anyone with whom they have had financial dealings. And to what end?

Here’s a short list of 4 write-offs and tax credits that, while worthy of consideration, may expose you or others to the scrutiny of the Taxman:

The Full Story...

Tax Traitors: Fiscal Arbitrators Income Tax Recovery scheme promoters raided and charged by CRA

Tax Traitors: Fiscal Arbitrators Income Tax Recovery scheme promoters raided and charged by CRA - 4.2 out of 5 based on 420 votes

( 420 Votes )

Over the past ten years thousands of ordinary people across Canada – people like you – were invited by friends, co-workers, even family members, to attend a seminar that would help them get big tax refunds.

You were told it was all perfectly legal. The men running the seminar, Larry Watts and Carleton Branch, said they knew all the inside tricks at the CRA, and how CRA policies “trapped” you into paying tax. Branch claimed to have been a senior auditor for the CRA.  So you believed him when he said you were entitled to refile your tax returns and report fabricated business income and business losses in order to get a refund of the taxes that were deducted from your salary at source.

The Full Story...

"You might as well stand naked in the street...

"You might as well stand naked in the street... - 2.0 out of 5 based on 5 votes

( 5 Votes )

... and tell the world you have tax trouble"

 

From our archives

April 2014

Philippe DioGuardi’s new radio spot about the dangers of googling for help with a tax problem has hit a raw nerve. (If you haven’t heard it yet, click here)

A major newspaper has already called to ask if it’s true that the CRA uses google to track taxpayers and their spending habits. The short answer: yes, they do.

A follower of DioGuardi’s twitter feeds twirped out angrily yesterday against the spot, alleging it used scare tactics that, according to him, frighten the older listeners of a Toronto classical music radio station. This tweeter staunchly says the CRA cannot identify you without your IP address.

 The tweeter has, apparently, missed the point of the message.

The Full Story...

DioGuardi Tax Amnesty goes beyond VDP to provide true legal protection from prosecution and penalties.

DioGuardi Tax Amnesty goes beyond VDP to provide true legal protection from prosecution and penalties. - 5.0 out of 5 based on 11 votes

( 11 Votes )

DioGuardi Tax Amnesty – True Legal Protection

In 2006, when the CRA shifted the VDP program from the jurisdiction of the Appeals Division into Enforcement – otherwise known as the Tax Police – as experienced tax litigation lawyers, we realized that a voluntary disclosure had suddenly become a trap for extracting incriminating information from unwary tax delinquents.

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