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Press Release | Canada

Press Release: TaxWatch Canada LLP Counters Devastation Faced by Taxpayers Ineligible RRSP Eligible Investments

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Many taxpayers are being devastated by CRA challenging the eligibility of their (self directed) RRSP funded investment in private businesses.

VANCOUVER, British Columbia (Nov. 18, 2010) - CRA continues to harvest lists of investors who used RRSP withdrawals within their self directed RRSP's to invest in Canadian small businesses over the last ten years. To date, CRA has sent tax bills to 5,000 investors, with thousands of additional reassessments on the way.

The damage to taxpayers and small businesses trying to raise private equity is staggering, in the hundreds of millions of dollars, considering the estimated average tax bill per investor is $30,000 and there are at least 10,000 taxpayers at risk. Businesses cannot move ahead and raise capital if their primary source of funds, investors RRSP's, are under attack by CRA. Investors are devastated with tax bills they cannot hope to pay. In some instances, the investments have disappeared, the result of failed companies, fraud or Ponzi schemes.

The results of these circumstances are:
1) investors may have no chance to recover their investments to pay the huge tax bills
2) pending taxpayer bankruptcies in the thousands caused by the combination of lost investments and tax bills and
3) uncertain and restricted private equity capital markets.

TaxWatch Canada LLP ("TaxWatch") is a group of experienced tax professionals specializing in helping taxpayers with understanding their tax situation, and then minimizing their tax costs regarding these types of disputes with CRA. TaxWatch has seen hundreds of these RRSP related tax reassessments involving dozens of small businesses and is aware of many more upcoming, almost identical tax disputes. There is a pattern to CRA's attacks and therefore a distinct manner of approach to counter CRA.

TaxWatch Canada LLP provides a clear and effective means of assisting many taxpayers with their RRSP tax disputes and possible investment loss claims. TaxWatch combines the resources of tax specialists (accountants and tax lawyers) into an efficient cohesive team that instantly recognizes taxpayers situations and CRA's likely actions against them. TaxWatch provides a free consultation service that helps taxpayers in these situations understand their best options to minimize the financial impact on their lives by resolving the tax dispute in the best manner possible.

Available on their website at TaxWatch Canada offers a free guide called, ‘Effectively Dealing with RRSP Tax Disputes’. It will be advantageous to anyone in whatever stage they are in as they defend themselves against threats and assessments from the CRA.


Doug Lagasse, Media Relations



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