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ACCOUNTING - BOOKKEEPING - TAX
After you file your personal tax or your corporation's tax return, CRA reviews it. Once it is reviewed by CRA a notice of assessment is issued. CRA has a right to reassess your return later and can go back to reassess your returns for past three years or longer. In a reassessment CRA can ask you for more money. If you disagree, you can object to reassessment. You can try to persuade CRA that you do not owe as much as they say by showing them supportive documents. A tax audit is different from an assessment or reassessment. In an audit, CRA would go through all your records including those not submitted with your tax return. Usually tax returns of self employed and corporations are more likely to be audited. This is because businesses have more opportunities to inflate expenses and hide income. CRA will notify you by a letter if you are audited. It will say that your account has been selected for review and would ask you to provide specific information with in 30 days. You can always request an extension if needed. It is highly recommended to have an accountant or a tax lawyer represent you if you are audited. Your accountant or tax lawyer can answer all technical questions with ease. If asked to justify your espenses, your accountant or tax lawyer will respond by showing auditor all your supporting records and receipts. If you represent your case yourself, be patient and very polite with the auditor. After audit is finished, auditor will send you a letter setting out changes proposed for your income tax return. Auditor will give you some time to accept or dispute changes. To dispute, you will have to submit missing information you did not provide at the time of audit. In case of acceptance, CRA will issue you notice of reassessment explaining what you owe and how soon should it be paid. You have to pay the balance by due date if you accept the reassessment. If you are unable to pay by due date, you can talk to collections department of CRA to make other arrangements. You can also contact Fairness Committee at CRA to have any penalties or interest set aside. If you disagree with notice of reassessment, you can file a notice of objections with in 90 days after the date of reassessment.
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