Canada Revenue Agency Tax FAQs

Answers to some common questions about Canadian taxes and the CRA. With ex-CRA tax experts, Farber Tax Solutions can handle the CRA on your behalf.

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Canada Revenue Agency Tax FAQs

 

We offer comprehensive tax solutions for companies, professionals, and high net worth individuals. We know how the CRA works and exist only to solve tax issues. Trust our dedicated team to find the solution to your tax problem.

  • Our ex-CRA professionals help resolve a variety of tax problems and CRA challenges
  • With years of experience, we know how to successfully negotiate with the CRA and achieve the best possible outcome for your tax problem
  • Free consultations with an ex CRA tax expert

Farber Tax Solutions believes that having the right information about the Canada Revenue Agency and Canadian taxes is crucial. Dealing with the CRA is often very complex. Unfortunately, a lot of false misinformation exists online, making it even more difficult to understand the issues and the law. Below are the answers to some frequently asked questions to help clarify the issues. Contact us directly if you have a question about your specific tax situation.

Penalties and Interest Questions

There are many different penalties that the CRA can impose on a taxpayer who owes tax debt. Find out what the CRA can do and how much it could cost you.

Tax Audit Questions

A CRA tax audit is a very stressful situation that can quickly get quite serious. Find out more about this official process and what to do if you are audited.

Disputing Notice of Assessments Questions

If you think the CRA got it wrong on their Notice of Assessment or Reassessment, you can dispute it by filing a notice of objection but you must do it correctly for it to work.

CRA Reassessment Questions

The CRA has wide-reaching powers when it comes to assessing, reassessing and collecting tax debt. The CRA is limited however as to how far back they can reassess.

Arbitrary Assessment Questions

The CRA has wide-reaching powers when it comes to assessing, reassessing and collecting tax debt. An arbitrary assessment is an assessment where the CRA can assess you if you haven’t filed your tax returns.

General Tax FAQs

Information about the CRA, what unique powers the agency has, what you can do to resolve tax issues, and how we help.

Tax Shelter Questions

A tax shelter is an arrangement where the tax benefit received from paying into it is greater than the amount paid.

Capital Gains Vs Business Income Questions

Sold real estate, stocks or any other investments? The CRA can classify your profits or losses as either capital or business income. There is a major difference between the two and it can have a large effect on your taxes.

CRA Taxpayer Relief Program Questions

If you are struggling to pay your tax debt, you may have a remedy with the CRA’s Taxpayer Relief Provisions.

Notice of Objection Questions

A CRA Notice of Objection allows you to dispute an unfair assessment.

Criminal Tax Evasion Questions

Tax evasion is a crime in Canada. Important information relating to exactly what is considered tax evasion and how you can avoid ending up in this situation.

Foreign Assets And Income Questions

Under Canada’s self-assessment tax system, it is up to you to report and file your taxes on time. This obligation extends to any foreign income you earn and assets you hold. Reporting incorrectly could land you in a hotbed of trouble.

Director’s Liability Questions

The CRA has the power to assess directors of a corporation for the amounts owed by the corporation. Anyone who acts in the capacity of a director of a corporation can be assessed for director’s liability.

Collection & Enforcement Questions

The CRA has incredibly strong collection powers and dealing with CRA collection and enforcement is tough. Here’s what you need to know.

Voluntary Disclosure Program (VDP) Questions

The Voluntary Disclosure Program can be a great opportunity to correct previous errors without having penalties assessed against you. However, it is important to make sure that you qualify for the program and to be careful about what information you submit to CRA.

Filing Taxes Late Questions

It is up to you to file your income tax returns on time, allowing the CRA to assess them for accuracy. failure to file your taxes on time can be a costly error. In addition to paying your tax debt, the CRA will assess penalties and interest on your account.

Non-Arms Length transfer Assessment Questions

The CRA has wide-reaching powers when it comes to assessing, reassessing and collecting tax debt. A non-arm’s length transfer assessment which allows them to hold another individual liable for the tax debts of someone with whom they have a non-arm’s relationship.

Farber Tax Solutions can help you successfully deal with CRA problems. We utilize the experience of our tax experts to:

  • 1| Offer a comprehensive solution that is focused on achieving the most favourable possible outcome for your tax issue;
  • 2| Communicate with the CRA on your behalf and navigate the entire CRA dispute process; and
  • 3| Offer a complete solution to your tax problems, including ex-CRA professionals and tax lawyers from Farber Tax Law.