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After you have authorized your representative and the CRA has processed your request, it is still your responsibility, as a taxpayer, to:- Monitor and understand the transactions your representative completes on your behalf. Be aware of all the transactions your representative made and will make. Most importantly, make sure you are always aligned with your representative on what the expected end results of these transactions will be. - Make sure the information about your representatives is up-to-date with CRA. - Cancel the authorization for any representatives you don’t need anymore. - If you think your representative is not acting in your...
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In this blog, we will be discussing the different levels of authorization you can choose from when authorizing a representative with the CRA. By choosing the level of authorization, you are able to control the type of access the CRA can give to your representative. LEVEL 1 – Disclose informationA level 1 authorization will allow your representative to access the following information:- Information given on your T1- Adjustments made to your T1- Information about your registered retirement savings plan, Home Buyer’s Plan, tax-free savings account and Lifelong Learning Plan- Your accounting information such as balances, payments, instalments and transfers- Information about...
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There are some instances when you, as a taxpayer, need someone to help in resolving some issues with the CRA. And since an individual’s tax information is confidential, the CRA will need your authorization to deal with another person who would act as your representative. A representative is a person or business that you authorize to deal with the CRA for you. This person can be your spouse, a family member or your accountant. You can check if you already have representatives listed on your file and what they are allowed to do on your behalf by calling the CRA at...
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Part of being an accountant is making sure you are up to date on new accounting practices and understanding new tax changes.  Another part is staying up to date on how the CRA operates.  Yes even I am continually learning things. Recently I learned that there is only so much that appeals can do.  I am now going to share what I learned with you.  Everybody know what time it is?  Yup, “it’s story time!” I recently sent in an appeal for a client who was reassessed by the CRA.  In short what happened is his T-4 slips were amended almost...
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