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Tax season kicks off and it's already looking like a more hectic period than normal

The Globe and Mail
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Tax season kicks off on Monday, with the promise of an even more hectic few weeks than the normal frenzy.
The emergency pandemic benefits paid to millions of Canadians last year means that front-line staff at the Canada Revenue Agency will be fielding a much higher volume of inquiries than in previous tax seasons, Francesco Sorbara, Parliamentary Secretary to the Minister of National Revenue, said in an interview. ....

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When it comes to tax debt, there's no such thing as an honest mistake - usually

The Globe and Mail
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When it comes to tax debts, there’s usually no such thing as an honest mistake.
It’s certainly possible that a taxpayer can make a good-faith error. It’s just that Ottawa usually doesn’t care all that much. A mistake, even an honest one? Please pay up. An error based on incorrect information from the government? Sorry about that. Now, please pay up. ....

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Alberta's oil patch sees a pessimistic assessment of profit (and tax) potential

The Globe and Mail
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For decades, Alberta’s oil patch has provided billions in revenue for both the province and the federal government. But that fiscal gusher has slowed in recent years as energy prices sputtered – most dramatically in 2020, with the coronavirus and lockdowns around the globe deflating demand for fossil fuels.
There’s an immediate impact: profits evaporating, corporate taxes withering and royalty payments dwindling. Alberta feels that decline most acutely, as this week’s Tax and Spend examines. But there are longer-term dangers as well, highlighted by massive writedowns in the value of energy assets this week by both Imperial Oil Ltd. and Suncor Energy Inc. The companies haven’t explicitl ....

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