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Tax Reassessments
The burden of proof for proper disclosure of a taxpayer's income and expenses is on the taxpayer, not CRA. Consequently, often there are disagreements between the taxpayer and CRA which result in CRA reassessing the taxpayer's income - usually to the taxpayer's detriment. CRA will issue a Notice Of Assessment as a routine matter after a taxpayer files an income tax return. If CRA disagrees with the taxpayers income tax return, CRA will file a Notice Of Reassessment. Taxpayers have 90 days from the date of the original Notice of Assessment or Notice Of Reassessment to object to the Notice of Assessment or Reassessment. After the 90 day period, taxpayers are obligated under law to accept CRA's findings.
Proper planning is warranted when dealing with tax reassessments. Your chartered accountant should be consulted before any steps are taken. Contact Keith Anderson, BCom, CA at (780) 447-5830 if you have any questions, concerns, or the need for advice.
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Keeping Proper Tax Records (time period limitations) Normal Reassessment Period (statute-barred period) Extended Reassessment Period (under negligence or fraud)
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