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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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www.taxtips.ca:  “This non-refundable tax credit is available to individuals who are, at the end of the taxation year, aged 65 or older. However, it is reduced when income exceeds a threshold amount. Each province except Québec has an age amount tax credit which is calculated in the same manner. The Québec tax credit calculation is similar, but combines the credits for taxpayer and spouse in the same calculation, and uses family income in the calculation.” Taxtips.ca recently came out with a new tax alert providing information about the Age Amount Tax Credit.  According to the website, this tax credit can be...
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