Tax Scams Have Serious Legal Consequences. Don't Be a Willing Participant!
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwire) -- 03/23/12 -- Did you buy information from someone who claims the Government doesn't have the right to collect taxes on the income you earn? Or that you could invest in something and claim a lot more than it's worth for tax purposes?
STOP. It's a tax scam.
Even though these arguments may sound compelling and convincing, they are scams. In addition to the high fees you may be asked to pay, these scams are illegal and will cause serious tax consequences for you. The Canada Revenue Agency (CRA) will reassess your income tax return, and require you to pay interest. You may be charged penalties, and even be prosecuted for tax evasion. Don't be a willing participant! Remember that the CRA publicizes every court conviction to maintain confidence in the integrity of the self-assessment tax system and to deter non-compliance with the law.
Inform yourself: Top 5 tax scams
Reality: The courts have repeatedly and consistently rejected this scheme and have confirmed the legality of the Income Tax Act. For more information, see .
Reality: You can lose your entire retirement savings. Under these schemes, the amount you withdraw from your RRSPs or RRIFs counts as additional income and will be taxed in the year the investment was made or when the withdrawal occurred, even when your savings have disappeared with the promoters. For more information, see
Reality: Under the Income Tax Act, you cannot make deductions for personal expenses. If you do not operate a business, you cannot claim personal expenses as deductions from other income. For more information, see our tax alert, .
Reality: The fee you pay goes directly to the preparer of your return and there is no donation involved. Under the law, you cannot purchase a receipt for tax purposes, so your tax return will be reassessed.
Reality: You are out of pocket for the cost of the items since there is no actual transfer of the goods, and, therefore, no actual sale for GST/HST purposes. If there are actual goods, they may not be worth as much as the individual tells you they are, and a buyer may never materialize. The CRA will reassess your GST/HST return to reverse the credits claimed.
Get professional, independent advice
If you are thinking about participating in an arrangement to minimize your tax, be sure to get independent legal and tax advice. Independent advice means advice from a tax professional who is not connected to the particular arrangement.
More information
Informing yourself is your best protection against scams and fraudsters. Go to or call us at 1-800-959-8281.
Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184
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Datum: 23.03.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 1095965
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