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Is There a Discrepancy With Your Notice of Assessment?

02/11/2015


Canadian business taxes can be complicated to file and sometimes, they only get more complicated when the notice of assessment shows up. A notice of assessment is sent to you after the Canada Revenue Agency (CRA) has completed a preliminary review of your filed tax return.

Unfortunately, discrepancies between income tax returns and CRA tax assessments are not uncommon. Educating yourself on how to handle potential discrepancies before they arise, will make you much more confidant in navigating the appeals process. Here are six helpful tips to consider:

  1. Consult a tax advisor. The intricacies of tax appeals are complex and require experience and in-depth expertise to deliver the best results. Working alongside a professional tax advisor will help you state your case with confidence.

  2. Be courteous. Your assessment isn’t personal. The more respectful you are when dealing with the CRA, the more respect you can expect in return.

  3. Stay on guard. Not everything in your life needs to be an open book when dealing with the CRA. Your tax advisor will help you understand what information needs to be shared and what doesn’t.

  4. Stay organized. Your chance of successfully managing this process, and coming through it with a reduced tax bill depends on the quality of documentation you are able to provide.

  5. Understand your rights. If you receive a notice of assessment that doesn’t feel right or fair, you don’t have to simply accept the assessment as fact. While going through the appeals process can be intimidating, it can also be well worth the value saved for your bottom line.

  6. Be patient. Successfully completing the appeals process takes time.

To learn more about tax controversy and what you can do to educate yourself on how to effectively navigate through an audit, contact Loren Kroeker.