Friday, 23 May 2014

Time is on the Taxpayers' Side! When is it too Late for CRA to Reassess Your Return?

If CRA audits you or your corporation for a particular fiscal year  it has to submit its reassessment requesting additional taxes within three (for corporations that are NOT Canadian Controlled Private Corporations limit is four years) years of the date CRA first issued a notice of assessment or reassessment for that year (ITA 142(3.1), otherwise the reassessment of that year's taxes becomes statute barred.  In other words it must be accepted as filed unless, a misrepresentation was made and that misrepresentation was due to, NEGLECT, CARELESSNESS, WILFUL DEFAULT or FRAUD.  (ITA 152(4.01))

for more information on taxation visit my website.

This blog is for general information only and cannot replace professional advice.
The reader is invited to contact the writer to discuss the contents of the newsletter.
Readers are advised to seek professional advice before acting on the material
in this newsletter

No comments:

Post a Comment