CRA Personal Tax Review
October 15, 2015
From August through December CRA conducts many processing reviews, requesting verification of various income amounts, deductions, and tax credits claimed on your personal tax return. In order to support the amount claimed on your return, there are documents the CRA must receive. Included in the letter from CRA will be a code that you can enter on the CRA website for a list of documents that will support your claim.
It is important to start collecting required documents quickly to ensure you are able to provide the information to CRA before the deadline, usually 30 days. If CRA does not receive sufficient information, they can deny or modify your claim based on the information they have on file. Furthermore, adjustments that result in taxes owing to CRA could have interest and penalties assessed.
If you are able to obtain additional information after CRA has adjusted your personal tax return, they will accept the information and review it to determine if an adjustment is possible.
If you need assistant with your annual income tax return or with a CRA review, please contact our office and we can help guide you through your review process.
Spend less time on paperwork and more time growing your business.
Want to grow your business? Contact our Nanaimo accountants and bookkeepers today to learn how Cross & Company can support your business.Contact Us Today