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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May
06

Minimize Tax of Deceased Taxpayer

You can’t escape your tax obligations even in death.  That holds true even if we don’t have estate tax here in Canada – when a taxpayer dies, there is deemed disposal of any capital property, so any capital gains will be taxed at that time.But in cases where the property is distributed to the remaining spouse or to a spouse trust, taxes on capital gains can be deferred until the property is disposed of by the remaining spouse.In addition to the final return, the remaining spouse or legal representative can choose to file up to three optional returns for the year...
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Apr
29

What Are Your Tax Obligations If You Are Temporarily Outside Canada?

You are considered Factual Resident of Canada for tax purposes if you maintain your residential ties with Canada while travelling or living abroad.There are different types of factual residents.  If you are, you may be one of the following: You work temporarily outside Canada You teach or attend school in another country You commute daily or weekly to the United States for work You vacation outside CanadaAs a factual resident, your tax obligations are the same as a resident of Canada wherein you are obligated to report your world income, claim deductions and credits and pay federal and provincial or territorial...
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