Goods and Services Tax

Enforcement Notification - Port Carling investment advisor guilty of tax fraud imprisoned following appeal of conditional sentence

Retrieved on: 
Wednesday, July 21, 2021

Scholz was found guilty by a jury on April 13, 2019, in theHamilton Courthouse of one count of fraud over $5,000 under the Criminal Code for the evasion of federal income tax and goods and services tax / harmonized sales tax (GST/HST).

Key Points: 
  • Scholz was found guilty by a jury on April 13, 2019, in theHamilton Courthouse of one count of fraud over $5,000 under the Criminal Code for the evasion of federal income tax and goods and services tax / harmonized sales tax (GST/HST).
  • The Court of Appeal for Ontario found that a prison sentence is merited because Scholz's tax evasion constituted a large-scale fraud on the taxpayers ofCanada.
  • The CRA continues to aggressively pursue tax evasion and false claims with all tools available to them.
  • The CRA has set up a free subscription service to help Canadians stay current on the CRA's enforcement efforts.

Enforcement Notification - Tax evasion - Winnipeg businessman fined for tax evasion

Retrieved on: 
Wednesday, July 7, 2021

WINNIPEG, MB, July 7, 2021 /CNW/ - The Canada Revenue Agency (CRA) announced that Khalid Tawfeeq (Tawfeeq) of Winnipeg, Manitoba, pleaded guilty on June 29, 2021, in Winnipeg Provincial Court, to one count of income tax evasion under the Income Tax Act, and one count of Goods and Services Tax/Harmonized Sales Tax (GST/HST) evasion under the Excise Tax Act.

Key Points: 
  • WINNIPEG, MB, July 7, 2021 /CNW/ - The Canada Revenue Agency (CRA) announced that Khalid Tawfeeq (Tawfeeq) of Winnipeg, Manitoba, pleaded guilty on June 29, 2021, in Winnipeg Provincial Court, to one count of income tax evasion under the Income Tax Act, and one count of Goods and Services Tax/Harmonized Sales Tax (GST/HST) evasion under the Excise Tax Act.
  • Tawfeeq was ordered to pay a $158,268 fine, representing 175% of the income tax and GST/HST evaded.
  • The CRA continues to aggressively pursue tax evasion and false claims with all tools available to them.
  • The CRA has set up a free subscription service to help Canadians stay current on the CRA's enforcement efforts.

Some foreign-based digital economy businesses will begin charging GST/HST on July 1, 2021

Retrieved on: 
Wednesday, June 30, 2021

These businesses have not previously been required to charge Canada's sales tax, also known as GST/HST, when making sales in Canada.

Key Points: 
  • These businesses have not previously been required to charge Canada's sales tax, also known as GST/HST, when making sales in Canada.
  • As a result, starting on July 1, 2021, Canadians may begin to see GST/HST charges when they make purchases from affected businesses.
  • These measures are anecessary change to close the gap in the rules resulting from the growing digital economy.
  • Canada's digital economy measures are consistent with the Organisation for Economic Co-operation and Development's recommendations on the digital economy and the actions taken by many other jurisdictions, including Quebec.

Ketamine One Engages Various Providers of Investor Relations and Media Services

Retrieved on: 
Friday, June 18, 2021

Pursuant to the CCG Agreement, CCG will be paid an up-front cash amount of $50,000 plus Goods and Services Tax (GST) for the CCG Services to be provided over the six-month term.

Key Points: 
  • Pursuant to the CCG Agreement, CCG will be paid an up-front cash amount of $50,000 plus Goods and Services Tax (GST) for the CCG Services to be provided over the six-month term.
  • Second, the Company has engaged CFN Enterprises Inc. (CFN Media), to provide investor relations and media services (the CFN Media Services) for an initial term of three months, subject to the terms of the service agreement (the CFN Media Agreement) entered into between the MEDI and CFN Media.
  • Pursuant to the terms of the CFN Media Agreement, CFN Media will be paid an aggregated cash fee of US $27,000 over the three-month term.
  • As a collective enterprise, Ketamine One is dedicated to helping solve the growing need for safe and accessible mental health therapy.

Blueberries Medical Reports 2021 Q1 Financial Results and Provides Corporate and Operations Update

Retrieved on: 
Monday, May 31, 2021

Legal fees - The Q1, 2021 legal fees reflect a one-time cash credit of $24,303 that was recovered from previously unclaimed HST/GST amounts.

Key Points: 
  • Legal fees - The Q1, 2021 legal fees reflect a one-time cash credit of $24,303 that was recovered from previously unclaimed HST/GST amounts.
  • Consulting Includes advice and assistance on operations, quality management, facility development, financial and technical counsel, human resources services, and regulatory compliance.
  • The 2021 consulting fees are also lower because of savings realized by financial services being internalized.
  • The Q1, 2021 audit and accounting fees reflect a one-time cash credit of $23,192 that was recovered from previously unclaimed HST/GST amounts.

GeoSolar Technologies Files S-1 Registration for Spin-Off From Fourth Wave Energy

Retrieved on: 
Tuesday, May 18, 2021

b'SAN JOSE, Calif., May 18, 2021 /PRNewswire/ -- Fourth Wave Energy, Inc. (OTCQB: FWAV)("Fourth Wave" or the "Company") is pleased to announce that GeoSolar Technologies ("GST") has filed a registration statement with the Securities and Exchange Commission in connection with the spin-off of GST from Fourth Wave.

Key Points: 
  • b'SAN JOSE, Calif., May 18, 2021 /PRNewswire/ -- Fourth Wave Energy, Inc. (OTCQB: FWAV)("Fourth Wave" or the "Company") is pleased to announce that GeoSolar Technologies ("GST") has filed a registration statement with the Securities and Exchange Commission in connection with the spin-off of GST from Fourth Wave.
  • The shares of GST common stock will be issued to the Fourth Wave shareholders shortly after GST\'s registration statement is declared effective by the Securities and Exchange Commission.
  • Fourth Wave shareholders will continue to retain their shares in Fourth Wave.\nThis Press Release is not an offer of any securities of GST and GST is not soliciting offers to acquire any securities of GST.
  • The shares of GST\'s common stock have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exception from registration requirements.\n'

Avalara to Host Virtual Analyst Day on May 27, 2021 at Avalara CRUSH Virtual

Retrieved on: 
Monday, May 10, 2021

b'Avalara, Inc. (NYSE: AVLR), a leading provider of tax compliance automation for businesses of all sizes, today announced that it will be hosting a Virtual Analyst Day on Thursday, May 27, 2021 in conjunction with Avalara CRUSH Virtual , the company\xe2\x80\x99s annual conference and a leading industry event on the future of tax compliance.

Key Points: 
  • b'Avalara, Inc. (NYSE: AVLR), a leading provider of tax compliance automation for businesses of all sizes, today announced that it will be hosting a Virtual Analyst Day on Thursday, May 27, 2021 in conjunction with Avalara CRUSH Virtual , the company\xe2\x80\x99s annual conference and a leading industry event on the future of tax compliance.
  • In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types.
  • Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Brazil, Europe, and India.
  • More information at www.avalara.com .\nView source version on businesswire.com: https://www.businesswire.com/news/home/20210510005784/en/\n'

Tax Tip - Are you a peer-to-peer seller? Here's what you need to know

Retrieved on: 
Friday, April 30, 2021

If you paid tax on foreign income, you could be eligible for a tax credit .\nIt is important to maintain proper financial records of all your sales and expenses.

Key Points: 
  • If you paid tax on foreign income, you could be eligible for a tax credit .\nIt is important to maintain proper financial records of all your sales and expenses.
  • If so, you will need to register for, collect and pay to the Canada Revenue Agency the goods and services tax / harmonized sales tax (GST/HST)for taxable supplies of goods and services that you made inside and outside Canada.
  • You can avoid or reduce penalties and interest by voluntarily correcting your tax affairs.
  • To correct your tax affairs (including corrections to GST/HST returns) and to report income that you did not report in previous years, you may:\n'

Avalara to Announce First Quarter 2021 Financial Results on May 6, 2021

Retrieved on: 
Tuesday, April 20, 2021

b'Avalara, Inc. (NYSE: AVLR), a leading provider of tax compliance automation for businesses of all sizes, today announced that it will report financial results for its first quarter ended March 31, 2021 on Thursday, May 6, 2021 after market close.

Key Points: 
  • b'Avalara, Inc. (NYSE: AVLR), a leading provider of tax compliance automation for businesses of all sizes, today announced that it will report financial results for its first quarter ended March 31, 2021 on Thursday, May 6, 2021 after market close.
  • ET) on Thursday, May 13, 2021\nAvalara helps businesses of all sizes get tax compliance right.
  • In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types.
  • Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Brazil, Europe, and India.

Tax Tip - Are you a social media influencer? Here's what you need to know

Retrieved on: 
Tuesday, April 13, 2021

b'OTTAWA, ON, April 13, 2021 /CNW/ - What is a social media influencer?\nSocial media influencers use social media platforms, such as YouTube, Instagram, Twitch, Facebook, Twitter, or a blog to make posts and build up followers of their content.

Key Points: 
  • b'OTTAWA, ON, April 13, 2021 /CNW/ - What is a social media influencer?\nSocial media influencers use social media platforms, such as YouTube, Instagram, Twitch, Facebook, Twitter, or a blog to make posts and build up followers of their content.
  • If so, you will need to register for, collect and pay to the CRA the goods and services tax / harmonized sales tax (GST/HST) on all taxable sales from your online activities.
  • Your expenses must be reasonable and directly related to your income as a social media influencer.
  • You must report these expenses on your income tax return.