CRA can assist the IRS in collecting a debt. In one case, CRA assisted in collecting a six-figure U.S. tax penalty for unfiled disclosures from a U.S. citizen resident in Canada.
In September 2016, the CRA transmitted 315,160 banking records to the IRS under the information sharing requirements in the Foreign Account Tax Compliance Act (FATCA).
Effective September 5, 2017 the settlement date for the purchase or sale of investments such as stocks, and bonds, will now be two business days after the trade date instead of three. For call options and put options, it is one business day after the trade date. The purchaser does not own the investment until the settlement date – which is important to note if the trade occurs around year end, as the gain or loss is recorded in the tax year of the settlement date.
Thus, the last date to trade stocks in Canada for the 2017 year is Wednesday, December 27 (keep in mind the statutory holidays on December 25 and 26). Anything purchased or sold after December 27 will be settled in 2018.
Source: http://www.taxtips.ca/personaltax/investing/taxtreatment/tradeandsettlement.htm#settlement-date-t+2, accessed November 23, 2017
On September 25, 2017 we blogged about a change in CRA policy about employee discounts on merchandise (http://www.accountantsplus.ca/employee-discounts-on-merchandise-change-in-cra-policy/). The government has since backtracked on this position.
Individuals can register with CRA to be notified by email when CRA’s files indicate that the individual’s address has changed, banking information for direct deposit has changed, or if mail sent by CRA was returned.
For more information, see https://www.canada.ca/en/revenue-agency/services/e-services/account-alerts-helping-you-keep-tabs-on-your-account-information.html.