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MONEY RECEIVED FROM ABROAD: CRA Reviews 

As of 2015, financial institutions must report electronic fund transfers (EFT) into Canada of $10,000 or more not only to FINTRAC but also to CRA. Where two or more EFTs of less than $10,000 each are made within 24 consecutive hours by or on…
Vernon Accountant Kelowna Accountant Kerr & Co (4)
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AUDITING OLD TAX RETURNS: CRA Abilities and Limitations 

CRA may reassess the tax returns for CCPCs and individuals within three years from the sending of the notice of assessment. Returns for which this three-year period has expired are commonly referred to as being “statute-barred.” However,…
Vernon Accountant Kelowna Accountant Kerr & Co (2)
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CERB/CRB: Eligibility Verification

Over the last year, CRA has increased verification activity in respect of eligibility for the Canada Emergency Response Benefit (CERB) and the Canada Recovery Benefit (CRB). As a result, a number of disputes have hit the judicial system. One…
Vernon Accountant Kelowna Accountant Kerr & Co (1)
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PRINCIPAL RESIDENCE EXEMPTION: CRA Project

In early 2022, CRA began to send out education letters in respect of individuals claiming the principal residence exemption (PRE) in the British Columbia region. Often, regional projects such as this are used as pilots for subsequent national…
Vernon Accountant Kelowna Accountant Kerr & Co
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BUYING AND SELLING A HOME: Budget 2022 Proposals

The 2022 Federal Budget included several proposals that would significantly change the taxation environment when buying and selling a home. Broadly, the government proposed various incentives for first-time buyers and extended family units in…
Vernon Accounting Firm

Checklists You Need For Your 2021 Taxes

The upcoming tax season is fast approaching and it's time to get your documents in order. We've put together checklists for everything you'll need to get the most out of your taxes with the least amount of stress. Please click and download…