Personal Real Estate Corporations (PRECs), Bookkeeping and Accounting Requirements For Ontario Real Estate Agents

Have You Thought about Personal Real Estate Corporations? Ontario real estate agents should consider incorporating a personal real estate corporation. They will have additional responsibilities and be required to pay additional licensing fees. However, Ontario real estate agents can expect to gain a number of important benefits. Examples include the ability to limit their CPP […]

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Calculation Of Manufacturing And Processing Income

CALCULATION OF MANUFACTURING AND PROCESSING INCOME — Frankie Fenton of Frankie Fenton, Tax and Accounting Services, Langley, BC The following overview is a preview of new content available now on CCH Answer Connect. Topic pages provide readers with a concise overview of a particular subject. They succinctly explain the rules, provide helpful tips, flag potential issues, and provide references […]

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The Government of Canada launches applications for the Canada Recovery Benefit

Many people continue to feel the impacts of COVID-19 and require temporary income support. To ensure that Canadians continue to receive the help they need the Government of Canada has introduced three new benefits, delivered by the Canada Revenue Agency (CRA): the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB), and the Canada […]

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Toronto employment agency businesses and owner sentenced for $1.6 million tax fraud

The Canada Revenue Agency (CRA) announced, that on September 30, 2020, Jane General Services Ltd (JGSL), 2322944 Ontario Ltd, operating as Tri-Han Staffing Solution (TSS), and their shareholder, Vanessa Jane Canlas (Canlas) of Toronto, received a prison sentence of two and a half years and a fine of $833,238, in the Toronto Superior Court of Justice. On June 5, 2020, JGSL, TSS and Canlas pleaded guilty to four counts of fraud under the Criminal Code related to income tax evasion and goods and services tax/harmonized sales tax (GST/HST) evasion on their corporate tax returns. Canlas also pleaded guilty to one count of fraud related to income tax evasion on her individual tax returns.

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