Are you waiting for your income tax objection to be resolved? Here is an update on the timelines with regards to the assignment and resolution of income tax objections based on its complexity. 1. The majority of low complexity objections now being assigned to an appeals officer were received in January 2018. Objections resolved in March 2018 were completed in an average of 81 days from the date the objection was submitted. Low complexity objections often involve issues such as individual tax credits, personal deductions, Canada Child Benefit and Disability Tax Credit. 2. The majority of medium complexity objections now being...
Continue reading
Rate this blog entry:
0
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...
Continue reading
Rate this blog entry:
1
It’s been exactly 3 days since the filing due date for most income tax returns (Most tax returns because for the self-employed, they have until June 15th but … more on that later). And if you have not filed your income tax return for the 2017 tax year, you could be in trouble of piling on more tax debt (if you owe taxes) as the CRA will charge a late-filing penalty. Yes, there is a late-filing penalty if you fail to file a return on time and owe tax for 2017. The penalty is 5% of your 2017 balance owing, plus...
Continue reading
Rate this blog entry:
0
If you owe taxes for the 2017 tax year and have failed to pay in full by April 30, 2018, the CRA will charge compound daily interest starting today, May 1st, on any unpaid amounts owing for 2017. This includes any balance owing if your tax return was reassessed. In addition to this, the CRA will charge interest on the penalties starting the day after the filing due date. You will need to check the prescribed interest rates on the CRA’s website for the rate of interest as it changes every 3 months. If you have amounts owing from previous years,...
Continue reading
Rate this blog entry:
0
Subscribe

If you have a question about one of our products or services, please do not hesitate to contact us!
Please Enter Your Name
Please Enter A Valid Email
Please Enter Your Phone Number
Please select your preferred method of contact.
Refresh Please letters shown!

KD Professional Services
Monday-Friday 9am- 5pm
102, 221 18th Street SE
Calgary, AB, T2E 6J5

403-219-0602
403-219-0603

Read our Tweets