Friday, 11 August 2017

No-name Voluntary Disclosure

One of the ways for a taxpayer to become compliant with something that was amiss in the prior period(s) is the voluntary disclosure program. It allows the taxpayer to file the additional documentation required without the application of penalties. The tax liability and interest will still apply however potentially onerous penalties are avoided. The voluntary disclosure is an all-in kind of program where the taxpayer discloses the information and leaves it up to the Minister’s discretion to waive the penalties.

Common situations when a voluntary disclosure may be required:
-Failing to file T1135 form to disclose foreign investments over $100,000
-Failing to report a capital gain on sale of investments or real estate
-Failing to report income from offshore investments

What happens if the submission is not eligible?

The taxpayer handed over the documentation to assess the additional tax and for whatever reason is not eligible for relief. In that case, the taxpayer has handed over the loaded gun to the agency in whose capacity it is to apply tax, interest and penalties as well as begin collection efforts upon completion of the assessment. When applying under this program the taxpayer either has to be really certain that he or she qualifies or they could pursue a no-name disclosure.

A no-name disclosure does not specifically identify the taxpayer but still identifies the situation. It is basically a question asked of the Minister “if someone were to be in this situation and provided this documentation, would they be eligible to apply for the program”. The response would be limited to the facts disclosed. If there were additional information that was not provided in the no-name disclosure then the Minister is not bound by its original answer and could change its decision. There is also a time limit (90 days from the day of the mailing of the response) to submit the full disclosure if the taxpayer wishes to rely on the response provided. There are some facts required to be identified about the taxpayer so that if the voluntary disclosure is pursued, the response to the no-name disclosure could be matched with the subsequent submission of the full disclosure.

Overall a no-name disclosure is a good way to test the waters to ensure that once all of the information is provided, the taxpayer is eligible for the waiver of penalties.

Monday, 2 January 2017

Happy New Year!

Welcome to McIntyre and Associates blog
Drop by Our Google Maps page and see where we are located.
Leave us a comment while you are there.
McIntyre and Associates Professional Corporation
200 - 900 Morrison Drive
Ottawa, ON
K2H 8K7

Tuesday, 23 August 2016

That Time Year Again

The staff here at McIntyre & Associates wants to wish everyone a safe and happy back-to-school season.
McIntyre & Associates Professional Corporation
200 - 900 Morrison Drive
Ottawa, ON K2H 8K7
General Enquiries: 613-726-7788
Fax: 613-729-4477

Friday, 5 August 2016

Summer Newsletter

Inside this issue:
  • Tax free is not what it used to be
  • Summer hours
  • CRA's Prescribed Interest Rates
As always you will need a PDF viewer to see the newsletter, you can view it by clicking this link: McIntyre and Associates Summer Newsletter

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Friday, 3 June 2016

Our Team

Jim McIntyre

Jim McIntyre CPA, CA, TEP | Director

As a founding director of McIntyre & Associates, Jim focuses his energy on taxation and tax planning and specializes in wealth preservation and estate planning. Jim works on the leading edge of new trends, policies and procedures and shares his extensive knowledge of tax law through regular seminars and speaking engagements.
His expertise also encompasses trusts, wills, corporate reorganizations and the provision of financial and business management advisory services to both owner-managed businesses and professionals.
Jim began his career as an accountant in 1977. He holds a Bachelor of Commerce degree from Concordia University and received his Chartered Accountant designation in 1979. In 2000, Jim became a registered trust and estate planner.
Jim is a member of the Canadian Tax Foundation, a member of the Society of Trust and Estate Practitioners and a Director of the Ottawa Estate Planning Council. He has also been actively involved with several political leadership campaigns.
Jim is an avid reader and enjoys recreational and athletic pursuits with his family.
Brent Hiscoe

Brent Hiscoe CPA, CA, MBA | Director

As a founding director of McIntyre & Associates, Brent provides accounting and auditing services to a wide variety of owner managed businesses and not-for-profit organizations.
Brent also oversees all tax planning and compliance matters in the firm's tax department. His areas of expertise include Canadian personal tax, dispute resolution with CRA, international taxation, research and development tax credits and taxation issues related to company reorganizations.
Brent began his career as an accountant in 1986. He holds an MBA from the University of Ottawa and received his Chartered Accountant designation in 1988. Brent has completed the CPA Canada In-Depth Tax Course.
Married with two sons, Brent enjoys spending time maintaining his fish pond which is stocked with koi, and pursuing recreational activities with his family.
Jennifer Brownlee

Jennifer Brownlee CPA, CA | Director

As a director of McIntyre & Associates, Jennifer oversees assurance services. Her expertise in the area of financial reporting and assurance services enables her to provide quality, leading-edge business advisory services to clients of all types.
Jennifer is also responsible for the firm's quality assurance practices - ensuring that all engagements are conducted in accordance with the standards of the profession and that the highest quality of work is performed on every engagement.
Jennifer began her career as an accountant in 1985. She holds a Bachelor of Commerce from Carleton University and joined the firm after obtaining her Chartered Accountant designation in 1987.
Jennifer enjoys hiking and spending time in the outdoors with her family.
Larry Hasson

Larry Hasson CPA, CA, BSc | Director

Larry joined the firm in 2009 after working at a national firm for two years. His area of expertise is assurance engagements, including IFRS (International Financial Reporting Standards) financial statements. Larry also works on personal and corporate reorganizations and tax planning engagements.
Larry began his career as an accountant in 2007. He holds a Bachelor of Science from the University of Western Ontario and received his Chartered Accountant designation in 2010. Larry has completed the CPA Canada In-Depth Tax course.
Larry is very active and routinely competes in Ironman triathlons. When he isn’t out swimming, biking or running, Larry can be found at home or out hiking with his wife and dog.
Gabriel Poirier - Certified General Accountant

Gabriel Poirier CPA, CGA | Manager

Gabriel has been with the firm since 2012 and enjoys working closely with small owner managed businesses.
Fluently bilingual, Gabriel began his career as an accountant in 1986. He holds a Bachelor of Commerce from the University of Ottawa and obtained his Certified General Accountant designation in 1992. In addition to a 3 year period working at a large accounting firm in the late eighties, Gabriel has worked for accounting firms since 2000. He spent the previous ten years working within high tech companies.
Married with two sons, Gabriel enjoys a variety of sports and spending time with family.