TAX TICKLERS… some quick points to consider…
- A recent U.S. Supreme Court decision found that a business with no physical presence in a state may still be required to collect and remit state sales taxes. This ruling has prompted many states to begin making changes to their rules, and will likely result in a requirement for many Canadian businesses to collect tax on online U.S. sales.
- Approximately 29 million personal tax returns are filed annually in Canada.
- While 9% of Canadians had their taxes reassessed by CRA in 2016, that number was 6% for northern Canadians (13% in the Northwest Territories and Nunavut, and 15% in the Yukon).
The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional.
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