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Aug
05

The CRA Review

More and more taxpayers are opting to file their income tax and benefit returns online using NETFILE or EFILE.  These filing methods do not require you to send in your receipts and information slips with your returns.   However, as mentioned on the previous blog, it is important that you keep records to support your declared income and claimed benefits in case you are selected for a review by the CRA. The CRA does several reviews to ensure that income, deductions and credits are accurately reported and filed.  There are 4 main review programs:Pre-assessment Review Program.  The CRA electronically analyzes returns to identify situations...
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Aug
03

Tax Tip: Keeping your income tax records

Canada Revenue Agency recently came out with an announcement reminding Canadians who filed their income tax and benefit return electronically or who have not enclosed their information slips and receipts with their paper-filed return to keep their tax and benefit records on hand in case they are contacted by the CRA. Generally, you should keep your receipts and documentation to support your return for six years in case you are selected for review.  This review is done by the CRA to verify your reported income as well as credits and deductions you claimed and is an important method used by the CRA...
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Jul
29

CRA & Aggressive Tax Planning

We have just finished the blog series on the newest measures of the CRA to monitor and prevent Aggressive Tax Planning. In this blog, we’ll take a look at some of the Tax Alerts that that CRA has released to the public warning them against Aggressive Tax Planning: The Canada Revenue Agency (CRA) recognizes that you are entitled to arrange your affairs as provided for under the law to reduce your tax liability and to receive the benefits to which you are entitled.  However, aggressively pushing the limits creates a risk of crossing the line, the line between acceptable tax planning and what...
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Jul
20

Tidbits on Canadian Tax

Did you know . . . Income tax is the largest single cash outlay, eroding disposable income and wealth of most families. For many Canadians, monthly taxes are higher than monthly mortgages.On average, Canadians pay over 50% of their income in taxes.By age 65, the average Canadian will pay about $500,000 in income tax, yet only have about $5,000 in savings.Since 1961, the total tax bill of the average Canadian family has increased more than 1,700 percent.Canadians pay more in taxes than food, clothing and shelter combined.CRA currently collects $222 Billion in annual tax revenues, not including the provincial taxes they collect.Our government...
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The KD Blog