What to do if you have a tax dispute with the government via YahooFinanceCA
Tax season isn’t just the time of year where we pay our fair share to the government. It’s also that time when we butt heads with the powers that be when it comes to how much we owe.
“Over the past few years, CRA has placed significant focus on international tax avoidance, so we’ve seen a marked increase in tax disputes relating to Canadians that own assets outside of Canada and to Canadian businesses that operates internationally,” says Yoni Moussadji to Yahoo Finance Canada. Moussadji notes that those who receive a reassessment from CRA, one they have contention with, need to file the objection notice within 90 days of the date of the reassessment. During this stage, which is part of an internal process of information gathering, an appeals officer from CRA will review the dispute and decide whether to change the reassessment or not. It takes typically nine to 12 months to assign an appeals officer to then review an objection, adds Aprile.
“CRA and the Tax Court of Canada are heavily backlogged and it can take a long time to resolve a tax dispute,” Moussadji says. And taxpayers who wish to correct prior omissions to their financial assessment can do so through the Voluntary Disclosures . If you know you have made an error, this is the step to take.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Worst tax ever’: Ontario to square up against Ottawa in court over carbon tax fightOntario argues Ottawa is intruding on provincial jurisdiction by trying to regulate the ‘nearly limitless swath of human activity”‘that produces climate-changing pollution
Read more »
Loss of gas-tax revenue blows hole in Toronto capital plansIt’s unclear how the cash-strapped city will be able to close that gap. Mayor John Tory said that while Toronto should be able to shuffle projects to cover the roughly $24-million missing this year, bigger shortfalls in future years will be more difficult
Read more »
Tax and licensing issues standing in the way of Indigenous cannabis entrepreneursIt has been six months since the federal Liberal government legalized marijuana in Canada, leaving it up to the provinces to manage sale and distribution. First Nations people have jumped in on the action, but reserve politics and jurisdictional issues have complicated legalization in Indigenous communities.
Read more »
Ontario Government's Budget Won't Axe Deficit Until After Next ElectionThe new budget changes alcohol rules and adds child-care tax credits.
Read more »
13 ways the 2019 Ontario budget could affect your wallet - Macleans.caDoug Ford's Conservatives offer tax credits for childcare, free booze at casinos and more.
Read more »
Red flags that could trigger a tax auditTaxpayers who fit the following profiles should be particularly careful and prepared to support their income, deductions and credits
Read more »
Andrew Coyne: What the Conservative carbon tax obsession will cost usWhat might have been a choice between regulation and carbon pricing has instead become a choice between regulation-plus-pricing, on the left, or regulation-only, on the right
Read more »
Alex Hemingway: Even higher taxes on wealthy, businesses needed for tax fairness and public investmentsChanges to personal B.C. taxes over the past year and a half — including elimination of Medical Services Plan premiums — mean the vast majority of households are seeing their tax bills …
Read more »
Mnuchin postpones decision on handing over Trump tax returnsTreasury Secretary Steven Mnuchin says the department hasn't decided whether to comply with a demand by a key House Democrat to deliver President Donald Trump's tax returns and won't meet a Wednesday deadline to provide them.
Read more »