HomeNational

New rules on business software coming

By: The Canadian Press

 | Aug 14, 2014 - 10:15 AM |
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)

Reader's Feedback

NorthernLife.ca may contain content submitted by readers, usually in the form of article comments. All reader comments and any opinions, advice, statements or other information contained in any messages posted or transmitted by any third party are the responsibility of the author of that message and not of NorthernLife.ca. The fact that a particular message is posted on or transmitted using this web site does not mean that NorthernLife.ca has endorsed that message in any way or verified the accuracy, completeness or usefulness of any message. We encourage visitors to NorthernLife.ca to report any objectionable content by using the "report abuse" link found in the comments section of this web site. Comment Guidelines


comments powered by Disqus

Most Popular

Local Business Directory