After personal tax season, many of us start to receive what I like to call “love letters” from Revenue Canada. Any letter from Revenue Canada, whether a Notice of Assessment or a request for information as two of the most common examples that appear after personal tax season, require careful attention. In my latest YouTube video, I discuss why it’s important to act now if you’ve received a letter from Revenue Canada. Understanding these letters can save you from costly mistakes and ensure you’re not overpaying on your taxes. Join me as I break down the steps to take.
Video Transcript: Letter from Revenue Canada? Act now!
Largely we have what we call our personal tax season behind us now, but this is the time where we start to get little love letters from Revenue Canada.
I’m George Dube, saving the world from tax, one bow tie at a time®.
Letter from Revenue Canada: Notice of Assessment
In terms of Notices of Assessment, these you may have already received because Revenue Canada is actually now really fast with these. For the most part, it’s important to take some time, just make sure that there’s not been any changes that Revenue Canada’s made that are inappropriate. They may have some information that you didn’t have or we didn’t have, for example. Or they may have some incorrect information or not realize it’s been put in a different part of the tax return. So we don’t want to pay tax twice on something we don’t need to.
Letter from Revenue Canada: Additional information requests
At this time, they may be sending letters to ask for additional information. And with all the documents from Revenue Canada, it’s really important not to bury your head in the sand, but to look at it. Or if you’re afraid to look at it, send it to your advisors. There are some strict deadlines, and often those are 30- or 90-day deadlines. But even with the 90-day deadlines, there may be some work required before that 90th day comes about to preserve your rights in order to effectively pay lower taxes and to ask questions, make sure everything is appropriate.
Seek professional help
So please take the time. If you’re not comfortable with the letters you’re getting from Revenue Canada, forward to your advisor. Where Revenue Canada’s asking a variety of questions, please, please, please forward to your advisor. There are some very, very simple questions Revenue Canada has, and there are some that seem simple but aren’t, and we can help save a lot of time and frustration. If we can have a quick look at that and provide some advice before you get a little bit too far into the process.
Conclusion
I’m George Dube, saving the world from tax one bow tie at a time™.
Have more questions? Please subscribe, follow, and even share.
I want all of us to have the tax information we need to Do wonderful things®.
-End transcript-
Resources
For additional resources related to the tax savings, see:
- Real estate investors: Tax planning, wealth building
- Medical professionals: Tax and wealth solutions
More questions?
Still have questions? I want to help you Do Wonderful Things®, so please contact me today.
Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.
