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Tax is seen as a burden and a liability and people delay it till the very last moment. When you’re in a frenzy to fill your business and personal tax, you will make errors in your tax-filing. Don’t you? But, that’s alright. Mistakes happen. You need to take rearguard action by responding calmly to the situation by complying with the CRA guidelines. Here are some of the common tax issues faced by the people of Canada which can be fixed by resorting to these business tax solutions.
If you have filed your tax return and realize it has an error, do not file another tax return. Wait until you receive your notice of assessment before making any change. You are allowed to make changes to tax returns in any of the last 10 calendar years. Make changes online by visiting the Canada Revenue Agency's My Account page. Make changes by mail by completing Form T1-ADJ (T1 Adjustment Request), or prepare a signed letter that includes the years of the tax return to be corrected, your Social Insurance number, your address and your telephone number. Changes online typically take two weeks to be corrected, while changes by mail typically take eight weeks.
After filing your tax return, you can expect to receive a Notice of Assessment within a period of three to five weeks. If you discover that your tax return is not assessed as you filed it, you should take a close look at the change until you understand why the change was made. Speak to CRA to resolve your grievances. If you still disagree with your Notice of Assessment, you have two options at your disposal. Your first step should be to make a phone call to CRA and resolve the issue. If that doesn't work, then you may want to file a Notice of Objection. You can use Form T400A to file your objection, but it's not necessary. You can also file an objection by stating in a letter the facts, your reasons for objecting, and the change you're requesting. Address your letter to the chief of appeals at your local tax services office or taxation center. In filing your notice of assessment, it would be advisable for you to get it drafted from a tax professional who has knowledge of the Canadian tax law, CRA pronouncements and relevant case laws to make out a good case for you.
Even if applying these methods resolve your tax troubles, you must not rest easy. Consult the professional tax consultancy services of ATS Security, an accountant advisory and have business tax solutions at the end of your fingertips.