Friday, October 24th11.0°C
23840
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

22625


Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.89040.00
Gold1231.00+1.90
Oil81.01-0.74
Lumber336.40+6.80
Natural Gas3.629+0.007

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 



23901

FEATURED Property
21015451679 Lindsay Drive
4 bedrooms 3 baths
$549,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22632