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Records are all your accounting and other financial information documents that summarize your transactions and include the documents to support these transactions. Records include ledgers, journals, financial statements, income tax returns and sales invoices. And as a responsible taxpayer, it is your responsibility to keep them organized. All persons who have to file a tax return and those who are carrying on a business or engaged in commercial activities are required by law to keep records. These records must be reliable and complete, must include information needed to meet your tax obligations and to calculate your credits, be supported by documents...
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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,...
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You can authorize your representative with the CRA online (using My Account for Individuals) or by mail. If you send your authorization by mail, make sure:- You have a valid account number with the CRA;- CRA has your current mailing address;- You have read the instructions before completing Form T1013, Authorizing or Cancelling a Representative;- You fill out a separate form for each account and for each representative;- You or your legal representative has signed and dated the form. You can send your form to your tax centre listed on your notice of assessment or notice of reassessment. You will need...
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There are some instances when dealing with the CRA seems like a full time job. One of these instances is when a taxpayer is selected for an audit or a review. In addition to the worry and stress of being in an audit, CRA auditors often use tax and accounting terms that your average person may not understand.So if you have been contacted by the CRA for the purposes of a review or an audit, here are some tips that will make the audit and review process easier. 1. The first and most important thing you can do is call for...
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