Should You Check Your Notice of Assessments From The CRA?

ID-100256845I recently came across an article at CTV News discussing the results of an internal CRA survey conducted in late 2013. The survey showed that CRA agents incorrectly answered 25% of business inquiries.

Now I can’t speak to that number personally (or it’s accuracy) but there’s a separate issue that entrepreneurs need to be aware of: many are not checking (and double checking) their notice of assessments. There’s always a chance mistakes were made and people are human. Whether it’s corporate or personal, always pass your notice of assessment by your tax advisor to have a look at it because there are differences.

There’s No Harm In Double Checking

If you don’t understand your notice of assessment, send it on to your advisor anyways so that they can have a look at it. Even if you think it might be the same as what they filed, there’s no harm in having a professional double check. There is nothing to lose in that case but a lot to lose if you don’t. If there is an error with your assessment, there are times and deadlines that have to be met if things are off.

Your ability to rectify the situation depends on your ability to take that initial look to see whether or not it is what you filed. It could even be that your advisor filed incorrectly and Revenue Canada corrected it. That’s the way the system works; everyone is checking someone else’s work.

Don’t Understand? Get Help Before It’s Too Late.

After you’ve filed, make sure you understand any communication from Revenue Canada and if you don’t, pass it by your advisor to check if it is appropriate for you to respond or accept what has come back from Revenue Canada. Remember, mistakes are made on both sides and it’s you who will pay for it in the end.

Recommended Reading

There’s a lot of confusion among business owners and how to deal with communication from the CRA & Revenue Canada. Here are a few worth checking out, depending on your current situation.

Leave a Reply

Your email address will not be published. Required fields are marked *

* Copy This Password *

* Type Or Paste Password Here *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Free Report Opt In Message

Connect with Me

RSS Twitter Linkedin email

Our Latest Tweets