Saturday, February 28th-4.6°C
25355
24105

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

25048


Recent Trending




Today's Market
S&P TSX15234.34-6.82
S&P CDNX706.73+5.80
DJIA18132.70-81.72
Nasdaq4963.528-24.362
S&P 5002104.50-6.24
CDN Dollar0.7996+0.0004
Gold1203.00+6.10
Oil52.14+1.53
Lumber297.20+1.20
Natural Gas2.895-0.007

 
Okanagan Companies
Pacific Safety0.12+0.005
Knighthawk0.010.00
QHR Technologies Inc1.55-0.03
Cantex0.035-0.005
Anavex Life Sciences0.190.00
Metalex Ventures0.035-0.005
Russel Metals25.38+0.08
Copper Mountain Mining1.30+0.04
Colorado Resources0.15+0.015
ReliaBrand Inc0.008-0.0007
Sunrise Resources Ltd0.05+0.015
Mission Ready Services0.235+0.025

 



24502

FEATURED Property
1785208151 - 1288 Water Street, Kelowna, BC
1 bedrooms 1 baths
$349,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


Are you asking the right questions?

Have you ever had this happen to you? You are in the middle of your second or third good discussion with a prospect and everything seems to be going great. The prospect seems engaged and happy to work...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...

_








Member of BC Press Council


25207