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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,...
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Here are some important reminders for the self-employed individuals. ·         You have to report your income from any business you run yourself or with a partner.  Business income that must be reported includes money you earn from a profession, trade, manufacture or undertaking of any kind you carry on for profit (and there is evidence to support that intention).  If you fail to report all your income, CRA may subject you to a penalty of 10% of the amount of income you did not report. ·         It is important to keep complete and detailed records.  Your records must be detailed enough...
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Once you have filed your tax return, when can you expect to receive your tax refund for 2016? After you have filed your tax return, you can expect to receive your notice of assessment and any applicable refund from the CRA within: 2 weeks of receiving your electronically filed return or 8 weeks of receiving your paper filed return. Please note that these timelines are only applicable if you have filed your tax returns on or before the filing deadline and that it may take longer to process a return if it is selected for a more detailed review. It is...
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Tax season has officially arrived and for some, the first question to ask is: Do I have to file a tax return this year? You must file a tax return for 2016 if:- You have to pay tax in 2016.- You received a request from CRA to file a return.- You and your spouse elected to split pension income.- You received working income tax benefit advance payments in 2016.- You disposed of capital property in 2016.- You have to repay any of your old age security or employment insurance benefits.- You have not repaid all amounts withdrawn from your registered retirement...
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