CRA wants feedback on your audit experience.

A May 25, 2017 CPA Canada blog post (Tax audit feedback: Have your say, by Gabe Hayos FCPA FCA ICD.D) discussed a new initiative under which CRA will seek feedback on audits of small and medium enterprise taxpayers. The final audit letter may include a link to CRA’s post-audit survey.

This anonymous survey, developed with input from CPA Canada’s Small and Medium Practitioners Tax Committee, will address issues including whether the CRA auditor:

  • treated you professionally and respectfully;
  • answered your questions about proposed adjustments before a reassessment was issued; and
  • provided at least 30 days to respond to proposals, and granted requested extensions of time.

For further information see Video Tax News Monthly Tax Update Newsletter, Issue No. 431

 

Payment of Tax at the Post Office?

 Individuals and Businesses can now pay their taxes at any Canada Post Outlet for a fee using cash or a debit card. This includes personal and corporate tax, source deductions, GST/HST amounts and other balances.  To do so, a QR code must be generated using CRA's online service.  The website indicates that the day the payment is made at the post office is the day CRA will consider the payment made.

For more information, see https://www.canada.ca/en/revenue-agency/corporate/about-canada-revenue-agency-cra/pay-canada-post.html

 

Life in the Tax Lane - February 2018 (Episode 33)

This FREE 10-minute video includes rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team.

Sources

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CRA may accept an exchange rate, other than from the Bank of Canada, in some cases.

In an April 27, 2017 Technical Interpretation (2017-0684831I7, Johns Jeffrey), CRA confirmed that the Minister will generally accept a spot rate, quoted by a source other than the Bank of Canadaprovided the other rate meets a number of conditions. These include the rate being: widely availableverifiable; published by an independent provider on an ongoing basisrecognized by the marketused in accordance with well-accepted business principlesused for the preparation of the taxpayer’s financial statements; and used consistently from year to year by the taxpayer.

Examples of sources beyond the Bank of Canada which would generally be acceptable include Bloomberg L.P., Thomson Reuters Corporation, and OANDA Corporation.

For further information see Video Tax News Monthly Tax Update Newsletter, Issue No. 430

Social Media Tips for Accounting Firms - Interview with Bernard Grobbelaar CPA, CA (Video 2 of 2)

Thank you to Bernard Grobbelaar CPA, CA, Oikonomos Chartered Professional Accountants, for contributing to this Tax Tip!  

Watch this engaging discussion about using social media as part of small accounting firm's marketing strategy.

Some points to consider:

  • Your website is the base! Social media activity should drive back to the website.
  • Start with a Social Media tool that you are already familiar with.
  • Try creating your own content that will engage viewers.  Think about drawing emotion out of the reader.  Positive posts have better engagement.  Once in a while throw in a controversial post.
  • Elevate the exposure of your posts.  Ask viewers who connect with your material to share and like the posts. 
  • Test different streams to see which is right for each post.
  • How much time should you invest in creating content? Try an 1.5-2.5 hours per week
  • Tools to try - Hootsuite  and CoSchedule
  • Social Media should not be used for the hard sell.  Try a 9 to 10 rule- for every 9 beneficial post, you can ask once for something.

Follow Bernard Grobbelaar CPA, CA on LinkedIn or Twitter.

Follow Joseph Devaney, CPA, CA on LinkedIn or Twitter.

What do you think?  Add your tips and tricks below.