If I Ignore CRA’s Request to File Outstanding Returns – Tales of Two Taxpayers - submitted by Lilly Woo, CA, CFE, CFP It has been a strange summer for me. As the 2014 tax season came to an end on April 30, 2015, I was relieved as always and mentally plan for the lazy summer I wanted to enjoy. Then a strange thing happened. I received a phone call from a friend (“Paul”) whom I have lost touch with six years ago. He sounded stressed right away. As soon as we were through the initial ... Read More
CRA Assessed You and Now You Owe More Taxes – What’s Next?
It’s been about a month since the filing deadline for your 2014 personal income tax returns. Since then, the CRA has been sending out notices of assessment or requests for more information. In some taxpayers’ cases, they have received a notice of assessment, which reflects different results from the tax return they have filed. In rare cases, the notice will state that the taxes owing are lower than the amount calculated by the accountant. However, in most cases where there is a difference, the ... Read More
