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Tuesday, 14 August 2018

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The Dangers of Tax Credits : Free money or an invitation to audit?

The Dangers of Tax Credits : Free money or an invitation to audit? - 4.4 out of 5 based on 274 votes

( 274 Votes )

Come tax time, Canadians and their media are obsessed with tax refunds. Getting money back when you file your return seems to be the greatest good and the standard by which all accountants and financial advisors are measured. And all in pursuit of the candy trail laid carefully by politicians to buy your vote.

While there is merit in organizing one’s financial affairs to pay the least amount of tax possible under the law, the unmitigated quest for a tax refund creates dangers for both the tax filer and anyone with whom they have had financial dealings. And to what end?

Here’s a short list of 4 write-offs and tax credits that, while worthy of consideration, may expose you or others to the scrutiny of the Taxman:

The Full Story...

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Words to live by?

 

 

Income tax returns are the most imaginative fiction being written today.

Comment posted on CBC.ca Business News page April 30, 2012 - TAXFILING DAY

http://www.cbc.ca/news/business/taxseason/story/2012/04/24/f-taxseason-tax-evasion-penalties.html

34 likes. 14 dislikes. The likes have it.