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May
18

Tax Refund, Good or Bad?

A recent CIBC Harris/Decima poll that surveyed 1,011 Canadian respondents showed that over half of Canadians expect a tax refund for 2010.  Of these taxpayers who expect a tax refund, most will be receiving under $2,000 from the Canada Revenue Agency.  According to the CRA, the average refund to date is $1,506 based on 20.2 million tax filers by May 1st, 2011.According to the CIBC poll, it seems that most Canadians who expect a tax refund will be resisting the urge to spend the money on luxury such as vacations or shopping sprees.  Nearly three quarters or 72% of respondents plan...
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May
13

Why Is It Important to Have A Tax Plan?

Tax plans are a necessity to every taxpayer amidst a world of rising tax rates and missed opportunities. To prove this point, we would like to share with you 2 very interesting studies that were released recently about income tax in Canada.  The first study was by the Fraser Institute which focused on how much the average Canadian family’s tax burden has increased over the years.  The second study was a survey done by Leger Marketing (released by BMO Harris Private Banking) which provides a clear picture of what Canadians plan to do with their tax refunds. These 2 studies will...
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May
11

Time Extension on Filing Your Objection Part 2

As mentioned in the previous blog, it is important, when filing an objection, to meet the filing deadline.The article, “Notice of Assessment meet Notice of Objection,” by Jamie Golombek, mentions a case involving a certain Robert Roland who received Notices of Reassessments for the tax years 2003 and 2004 dated March 29, 2007.“Mr. Roland attempted to object to these Reassessments by preparing and submitting Notices of Objection dated October 1, 2007 however the CRA, by way of a November 2007 letter, rejected his Notices since they were not received within 90 days of March 29th. In the letter, however, the CRA...
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May
09

Time Extension on Filing Your Objection Part 1

If you have filed your Personal Income Tax Return early, you have probably received your Notice of Assessment already.  It is important to note that you, as a taxpayer, have every right to every benefit the law allows.  So if you find that you have not received your full entitlements under the law and disagree with income tax assessment, you have the right to object.Before formally filing for an objection, you first have to call or write the tax centre that processed your income tax return and try to resolve the matter.  But if for some reason, the dispute is not...
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