Most people think that tax planning is done in December, and some even go as far as planning in the following February after the tax year, and all they can do at that point is to put some money into their RRSPs. The key to successful tax planning is starting as early in the year as possible. Starting early in the year with your tax planning means you are able to accurately anticipate any or all tax consequences of your planned transactions for the year. It is important to have a tax plan in place before committing to any large transactions,...
Continue reading
Rate this blog entry:
0
So the CRA wants to review your tax return, if you’ve read the first part of our blog, you now know what to do. But what happens AFTER your review? After your reviewAfter your review, the CRA will let you know the results IN WRITING, either in a letter or on a notice of assessment or reassessment. If after the review you owe more tax, remember to pay your amount owing in full as soon as possible. And if you can’t pay the full amount, you can call the CRA to set up a payment arrangement. It is important that if...
Continue reading
Rate this blog entry:
1
Does CRA want to review your tax return? Don’t panic! A review is not an audit. Generally, a review is a routine check that the CRA does to ensure that amounts you have claimed are accurate. It also might be because some documents are required to support your claim. So breathe, keep calm and read on for important information. First, do you know why the CRA is reviewing your tax return? The Canadian system is based on self-assessment and when we file, we are usually not required to include our supporting documents. So to ensure the integrity of the tax system,...
Continue reading
Rate this blog entry:
0
After you have authorized your representative and the CRA has processed your request, it is still your responsibility, as a taxpayer, to:- Monitor and understand the transactions your representative completes on your behalf. Be aware of all the transactions your representative made and will make. Most importantly, make sure you are always aligned with your representative on what the expected end results of these transactions will be. - Make sure the information about your representatives is up-to-date with CRA. - Cancel the authorization for any representatives you don’t need anymore. - If you think your representative is not acting in your...
Continue reading
Rate this blog entry:
1
Subscribe

If you have a question about one of our products or services, please do not hesitate to contact us!
Please Enter Your Name
Please Enter A Valid Email
Please Enter Your Phone Number
Please select your preferred method of contact.
Refresh Please letters shown!

KD Professional Services
Monday-Friday 9am- 5pm
102, 221 18th Street SE
Calgary, AB, T2E 6J5

403-219-0602
403-219-0603

Read our Tweets