Wednesday, November 26th0.9°C
24157
22916

New rules on suppression of sales software coming in September

SASKATOON - The consequences are about to get pricey for businesses using technology to avoid paying all of their taxes.

After an eight-month awareness campaign about electronic suppression of sales software, new monetary penalties and criminal offences under the Excise Tax Act and Income Tax Act will come into effect in September.

Revenue Minister Kerry-Lynne Findlay said during a stop in Saskatoon on Wednesday that small and medium-sized businesses are the economic drivers of Canada.

She says the underground economy does give an unfair advantage to those who show a lack of respect for Canada's tax laws.

ESS software or "zapper" software selectively deletes or changes sales transactions in point-of sale-systems like cash registers and business accounting systems.

That means there is no record of the original transaction and the business is able to under-report their revenue and avoid paying the full share of their GST, HST and income taxes.

Findlay was in Saskatoon to speak with members of the business community about the ESS software and to remind business owners about the new consequences for trying to skirt the system.

Businesses who use or possess the software face a fine of $5,000 initially and $50,000 on any following infraction.

(CKOM)

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15038.41-35.24
S&P CDNX771.06-9.58
DJIA17827.7512.81
Nasdaq4787.317+29.065
S&P 5002072.83+5.80
CDN Dollar0.8896+0.0012
Gold1196.70-0.40
Oil73.69-0.40
Lumber327.90-1.60
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.160.00
Knighthawk0.01-0.005
QHR Technologies Inc1.34+0.02
Cantex0.045+0.005
Anavex Life Sciences0.171-0.004
Metalex Ventures0.035+0.005
Russel Metals31.50-0.64
Copper Mountain Mining2.16+0.01
Colorado Resources0.12-0.01
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.34+0.015

 
24130


23643

FEATURED Property
19355504386 Finch Road
4 bedrooms 3 baths
$1,095,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...

_



24156

24220


Member of BC Press Council


23646