Records are all your accounting and other financial information documents that summarize your transactions and include the documents to support these transactions. Records include ledgers, journals, financial statements, income tax returns and sales invoices. And as a responsible taxpayer, it is your responsibility to keep them organized. All persons who have to file a tax return and those who are carrying on a business or engaged in commercial activities are required by law to keep records. These records must be reliable and complete, must include information needed to meet your tax obligations and to calculate your credits, be supported by documents...
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Most people think that tax planning is done in December, and some even go as far as planning in the following February after the tax year, and all they can do at that point is to put some money into their RRSPs. The key to successful tax planning is starting as early in the year as possible. Starting early in the year with your tax planning means you are able to accurately anticipate any or all tax consequences of your planned transactions for the year. It is important to have a tax plan in place before committing to any large transactions,...
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So the CRA wants to review your tax return, if you’ve read the first part of our blog, you now know what to do. But what happens AFTER your review? After your reviewAfter your review, the CRA will let you know the results IN WRITING, either in a letter or on a notice of assessment or reassessment. If after the review you owe more tax, remember to pay your amount owing in full as soon as possible. And if you can’t pay the full amount, you can call the CRA to set up a payment arrangement. It is important that if...
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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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