How to Respond to a Demand Letter from CRA | Taxes for Canadians | Personal Tax Advisors скачать в хорошем качестве

How to Respond to a Demand Letter from CRA | Taxes for Canadians | Personal Tax Advisors

Does a demand letter mean you're in trouble with CRA? What do you do next? Download your FREE step-by-step guide to getting your overdue taxes up to date: https://bit.ly/3KYeGgf Sign up for free tax tips: https://bit.ly/3TlPNgo ======================= CRA sends out demand letters for returns that • Have not been filed • Are likely to have tax owing CRA doesn’t bother pursuing unfiled returns if they believe the taxpayer has no tax owing or a refund coming. Of course, if you don’t prepare your return, you don’t know if you owe tax – and technically neither does the Canada Revenue Agency. A copy of every tax slip is supposed to be sent by the payer to the CRA at the same time as its sent to the taxpayer. So CRA is aware of much of your income even if you don’t file a tax return. Given the way CRA decides whom to send Demand letters to, it’s predictable that most people who receive them will end up owing tax if and when they file. But it’s not 100% certain! Remember that CRA is basing their guess on whether or not you owe, on the materials they have on hand, i.e., your slips. But there are other factors that can bring your taxes down or even generate a refund in some case, that CRA can’t see just by looking at your slips. But other than the fact that CRA is missing information (a tax return) that they want, you’re not really in trouble. Yes, chances are you’ll have a tax bill. And if it does turn out you owe tax, you’ll also be levied a late-filing penalty and some interest. But when you file the return CRA is demanding, that return is no more likely to be audited than any other tax return. ===================== Follow Us! https://www.personaltaxadvisors.ca/blog/   / personaltaxadvisors     / ptatax_canada     / personal-tax-advisors   #tax #CRA #Canada #canadarevenueagency #incometax #businesstaxtips #demandtofile 10194