Tax Newsletter
for Individuals and Businesses
August 2013

Shaping the Future!

As a full-service management, business and tax consulting firm, we partner with our clients to deliver solutions that help solve their most complicated needs. Our services are designed specifically to help individuals & small and medium size businesses, and at a very reasonable price. Utilizing decades of industry experience and functional expertise, M.I.A.G.E. Business Solutions Inc. goes beyond the norm to develop new insights, drive results, and help your business grow. Learn More

tax audit
CRA tools to select taxpayers for audit
Here is a summary of the basics on how the CRA (Canada Revenue Agency) selects a file for audit:
  • CRA's extensive computer data system identifying taxpayers with audit potential.
  • Industries with high common risk factor associated with that sector.
  • CRA audit businesses associated with other taxpayers currently under audit.
  • For businesses, audit selection is based on an assigned rating risk. The factors affecting a business' risk level includes: 

- Taxpayer's history of compliance

- Industry specific issues and complexities

- Unusual transactions

- Major acquisitions and disposals

- International transactions

- Participation in aggressive tax planning


M.I.A.G.E. Business Solutions' goal is to help make your business as efficient and profitable as possible. We will work with you to help solve your problems, while understanding that you have limited resources and budget. Upon completion, we will present to you a written assessment of your business, and recommendations for improving inefficiencies, reducing costs and avoiding a potential audit. 
Please note that we also help you with any Personal or Corporate tax audit. You can reach us at 514.426.7200 ext 101.

Helping Start-ups and Businesses with rapid expansion

We are professionals who help business owners build their company from scratch and help it grow wisely and smoothly. We will show you how to be SUCCESSFUL and to GROW your business QUICKLY and EFFICIENTLY

We are proud to announce that one of our customers was selected as finalist for the 2012-2013 Excellence Award at Chamber of Commerce in South Shore last spring 2013 (Mr. Ali Hamrah, founder of Power Line-UPS Inc., Category: New Enterprise) Find out more...  His company provide the most reliable and cost effective peripherals for uninterrupted power supplies (UPS) applications. Power-LineUPS is actively working with OEMs and Major Electrical Contractors providing an optimal solution to address all end user's needs. This company was nominated as the most successful star-ups in the first 3 years of the operations.
  • For 2013 and later taxation years, Canadians who hold Foreign Property with a cost of over $100,000 will be required to provide additional information to the CRA.
  • CRA announced in the federal 2013 budget, steps taken to counter international tax evasion and aggressive tax avoidance, such as:

- Launching a new Stop International Tax Evasion Program that will pay an individual who provides the CRA with information concerning major international tax non-compliance a percentage of federal tax collected as a result of the information provided. The individual would receive 15% of any assessment that results in $100,000 or over in federal tax, but only after the tax has been collected.


- Requiring financial institutions and others who currently report information on international electronic funds transfers greater than $10,000 to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to also report those transactions to the CRA, identifying the person conducting the transaction, the receiver of the funds and the financial intermediaries facilitating the transaction.


- Streamlining the judicial process that gives the CRA authorization to obtain information about "unnamed persons" from third parties such as banks. This measure will facilitate faster access to information on unnamed individuals for the purposes of civil actions. 

What's next in our future newsletter:


 - Principal Residence and Other Real Estate (Tax Saving Strategies)

 - Tax advice and Guidance for New Dentists            dentists

Mrs Mahtab Saghafi
Senior Tax Advisor
President and Founder
M.I.A.G.E. Business Solutions Inc.
514.426.7200 ext 101


Give us a call today!