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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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Here are some more important pointers you need to know about your tax refund for the tax year 2017. 1. Checking the status of your refund: You can go online and use MyAccount or MyCRA mobile application. You can also call Telerefund at 1-800-959-1956. If you use Telerefund, make sure you have the following information ready: your SIN, your birthdate and total income entered on line 150 of your 2016 and 2017 return.2. Transferring your refund: You can request for your refund to be transferred to your installment account for 2018 by selecting option when filing electronically or by attaching a...
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As we wrap up the tax filing season, we will be looking at some of the things you will need to know after you have filed your income tax return. One of the more important topics related to wrapping up the tax season is the TAX REFUND. Here are some important pointers you need to know about your tax refund for 2017 (if you are expecting one).1. Receiving your Tax Refund: The CRA aims to issue a notice of assessment, including any applicable refund, within 2 weeks of receiving your electronically filed return or 8 weeks of receiving your paper filed...
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In this 2nd part of our blog series on digital currencies, we’ll look at how Bitcoin ATMs are used, if they are considered legal tender in Canada and how they are taxed. Let’s start!Automated Exchangers (Bitcoin ATMs)There are automated exchangers commonly called Bitcoin ATMs available in many areas in Canada. These are vending machines that allow you to insert cash in exchange for bitcoins and in some cases bitcoins for cash. These machines are not connected to any bank, credit union or the Interac network. There may be charges that will apply if you use a Bitcoin ATM. Are digital currencies...
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