Blog posts tagged in tax rules
The CRA employs a number of ways to select an income tax return for review. It could be by random selection or comparison of information returns to information received from third-party sources or types of deductions or credits claimed and an individual`s review history.
It is important to know that whether you filed your tax return on paper or electronically, there is always fair chance that your return will be selected for review.
The CRA processes millions of tax returns a year and most of these are done without conducting a manual review of the information reported so that a Notice...
As an employee, do you know what is deducted from your pay? Well, you should!
There are a number of deductions from your pay made by your employer from your pay. These include:
Canada Pension Plan (CPP) Contribution. If you are 18 years old or older, but younger than 65, you are employed in pensionable employment, and you do not receive a CPP retirement or disability pension, your employer will deduct CPP contributions from your pay. The CPP provides basic benefits when you, a contributor to the plan, become disabled or retires. In the event of your death, the plan provides...
On a recent CRA news release, Parliamentary Secretary Cathy McLeod announced the launch of the Foreign Verification Statement, one of the Economic Action Plan 2013 measures to crack down on international tax evasion and aggressive tax avoidance.
Mrs. McLeod said: “Our Government is committed to combating tax evasion and getting tough on tax cheats. Since 2006, we have introduced over 75 measures to improve the integrity of the tax system,” said Parliamentary Secretary McLeod. “The strengthened reporting requirements are just one example of the actions being taken by our Government to crack down on tax cheats. These measures are great news...
Last Thursday, we went through the steps in filing an objection if you disagree with the CRA’s assessment of your income tax and benefit return. We also mentioned that once you are informed of the results of the review after your objection and if you still disagree with that decision, you can still appeal your assessment to the Tax Court of Canada. The Tax Court of Canada has to receive your notice of appeal within 90 days of the date the CRA sends their decision on your objection. You can also apply to the Court if the CRA fails to give...