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Tax Solutions Canada Blog

What Does a CRA Notice of Assessment Mean?

Understanding a CRA Notice of Assessment You will receive a Notice of Assessment when the Canada Revenue Agency (CRA) receives and processes your tax return (or if the CRA files your return for you). The information listed on the Notice of Assessment includes: Contact information Statement date and tax year…

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Haven’t Paid Taxes in Years? What To Do

How to Deal with Back Taxes There could be many reasons why a person wouldn’t have paid their taxes for several years. You could owe a lot of money and not be able to afford to repay it, you might have forgotten to pay, you may not have filed your…

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How to File Previous Years Tax Returns In Canada

Information on How to File Previous Years Tax Returns in Canada For one reason or another, you may not have filed you tax returns when you were supposed to. You may have forgotten, you may not have realized that you needed to file a return, or you may have intentionally…

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The CRA’s Collection Power

How the Canada Revenue Agency Collects Tax Debt If you owe tax money to the Canada Revenue Agency (CRA), you may consider it like any other debt, such credit card debt or a car loan. However, it’s important to know that the CRA has collection powers that are much stronger…

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What If You Owe More in CRA Tax Debt Than You Can Repay?

Dealing with a Large Tax Debt If you’re about to file your taxes and you realize that you’re going to owe more than you can afford to repay, you might be tempted to not file at all. This won’t help you. The CRA will charge you a late filing penalty…

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Taxpayer Relief: What Qualifies as Extraordinary Circumstances

About the CRA’s Taxpayer Relief Provisions If you’re faced with a large tax bill, you’re likely looking at any option to help you cope with this debt. In your search, you may have come across the Canada Revenue Agency’s Taxpayer Relief Program. While this program could possibly help you deal…

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Have you Contributed to a Tax Shelter?

What is a Tax Shelter? According to the Canada Revenue Agency (CRA) a tax shelter, as defined by the Income Tax Act, is a property investment or gifting arrangement where “the buyer or donor will have losses, deductions, or credits equal to or greater than the net cost of the…

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Do I Qualify Under the Voluntary Disclosure Program?

What You Need to Know about the CRA Voluntary Disclosure Program The CRA’s Voluntary Disclosure Program is designed to give people a “second chance” to change a tax return that has been filed or to file a return that should have been completed and submitted earlier. The program gives people…

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Benefits and Possible Negatives of Filing Taxpayer Relief

What You Need to Know Before Filing Taxpayer Relief If you are having difficulty repaying your tax debt, you might be looking for help. You may have heard that the Canada Revenue Agency (CRA) has a program exactly for this situation: the Taxpayer Relief Program. However, before filing taxpayer relief,…

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