Return
AGGRESSIVE TAX PLAN ?
The Canada Revenue Agency (CRA) recognizes that we are all entitled to arrange our affairs as provided for under the law to reduce our tax liability and to receive the benefits to which we are entitled. However, aggressively pushing the limits creates a risk of crossing the line, the line between acceptable tax planning and what is considered aggressive or abusive tax planning.
Aggressive tax planning arrangements often have some legal basis in a very technical sense, but they go beyond what Parliament intended when the law was passed. In general, aggressive tax planning arrangements are made for the primary purpose of avoiding the payment of the required taxes, and thus could be in violation of the law.
The Canada Revenue Agency produces regular information about tax shelters, tax havens, and other domestic and international aggressive tax planning issues. These help us recognize and avoid aggressive tax planning schemes where you could end up paying significant penalties, interest, and taxes, and lose your capital.
If it sounds too good to be true, or whenever you are dealing with a situation that is out of the ordinary for you, you might want to consult with our knowledgeable, accountant tax advisors who will explain to you the risks and consequences of various tax planning arrangements.
Give us a call at 1-506-857-9630, or use the “ask the pro” section on the home page.
|
