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If you have received your Notice of Assessment and you think it is incorrect or you have additional information to provide the CRA, here are some points to consider so you can determine the best course of action to take. ·         If you want to provide the CRA with missing information for a tax return you have filed previously:  You can generally ask for a change to your personal tax return for a tax year ending in any of the 10 previous calendar years.  So you can ask for a change rather than filing an objection right away. ·         If you...
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As a business owner, you are required by law to keep records of all your transactions to support your income and expenses. Your business records must be reliable and complete, include the information needed to meet your tax obligations and calculate your credits, be supported by documents, be kept in English, French or a combination of these two languages.  According to the law, you are responsible, as a business owner for: -      Protecting your records; -      Making your records and supporting documents available to the CRA when requested; -      Making sure that you, your employees or your third party record keeper...
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Getting audited by the CRA is normal.  Having to produce documents to support your taxes is normal.  Getting unfairly treated by the CRA is NOT! Sometimes you have to push to get things straightened out.  Here are some tips.  Make sure to get the team leader’s phone number.  All auditors report to a team leader.  All team leaders report to a section manager.  All section managers report to the director of audit for the specific office they work at.  If comes down to it, the director of audit reports to the director of the office.  The point of all this is...
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What can the CRA do if you do not pay the amounts held in trust? If the deemed trust amounts are not paid in time, the CRA can take several actions including garnishing bank accounts, accounts receivable, and any other income sources, seizing and selling assets, and using other legal actions to collect amounts owing. What happens if your business has a deemed trust debt with the CRA? If your business have a deemed trust debt owing to the CRA, the amount of the debt becomes secured to the CRA over all your assets, regardless of any security interest you may...
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