Did you get a surprisingly big tax refund? It could be a mistake
Milot Law is in the news again.
What to do when you suspect the CRA has made a mistake on your taxes?
The Globe and Mail:
““The CRA tends to assume the worst for the taxpayer,” says Duane Milot, a tax lawyer at Milot Law, adding that he’s seeing a higher number of audits and “there’s a higher interest in offshore income. They’re going after certain professionals that they hadn’t before.”
“The CRA is being very aggressive and levying large penalties. Taxpayers need to be vigilant.”
Mr. Milot says that if a person discovers the CRA has made a mistake on their taxes, they need to file a notice of objection to the Income Tax Act within 90 days of the date of the assessment – which is done by filling out form T400A either in hard copy or online. It’s not enough to get a verbal confirmation on the phone, he says. And during that 90-day period, collections is not allowed to call, to allow the taxpayer time to disagree with the assessment.”
Read the complete article here:
http://www.theglobeandmail.com/globe-investor/personal-finance/taxes/what-to-do-when-you-suspect-the-cra-has-made-a-mistake-on-your-taxes/article32442238/
#TaxLawTO #MilotLaw #GlobeandMail #CRA
