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Canada Revenue Agency Related Questions

Individuals faced with situations surrounding the Canada Revenue Agency have had situations that left them confused. Uncertainties on what the Canada Revenue Agency is or how far back the Canada Revenue Agency can audit tax returns often lead to questions like the ones answered below.

What is the Canada Revenue Agency?

The Canada Revenue Agency (CRA) is a federal agency of the Canadian government. They are formerly known as Revenue Canada and Canada Customs and Revenue Agency. The Canada Revenue Agency administers tax laws. The CRA also oversees charity registrations, and tax credit programs. For more information about the Canada Revenue Agency contact the thousands of Experts.

I failed to disclose $4,200 of income in 2002 to the Canada Revenue Agency. How should I approach the Canada Revenue Agency regarding this matter?

If you are voluntarily choosing to disclose the unreported income you could send in an adjusted return. This can be done online or you can file Form T1 ADJ – Adjustment Request. You would need to provide line numbers that you are going to be changing along with the new values for those lines.

My parents live in B.C. and are elderly. When they pass will there be taxes to be paid on their estate to the Canada Revenue Agency?

Canada law assumes that when an individual dies they sold their assets on the date prior to their death date. There could be capital gains on those assets. If there are capital gains the estate will accordingly need to pay taxes on those gains to the Canada Revenue Agency.

I am currently working in Canada but reside in the U.S.A as a U.S. citizen and am confused about the tax aspects of my circumstance. Do I pay taxes to the Canada Revenue Agency or the Internal Revenue Service or both?

If you work in Canada as a U.S Citizen living in the U.S. you will need to file a return in Canada to the Canada Revenue Agency and you will also need to file a return in the U.S. to the Internal Revenue Service. You will not have to pay double taxes because Canada and the U.S. have a tax treaty in place. If you pay taxes in one country the other country will give you a foreign tax credit. Your Canadian employer will take taxes from your wages. You can file a return in Canada and possible receive a refund. You will also file a return in the U.S. but will receive a tax credit for the amount you paid the Canada Revenue Agency. This is the foreign tax credit.

How far back can the Canada Revenue Agency audit an individual tax return?

The Canada Revenue Agency is just like the American IRS when it comes to fraud cases. The Canada Revenue Agency can audit returns as far back as they want to in those cases of fraud. For non-fraud cases the Canada Revenue Agency can look back 4 years from the date that the return was mailed.

Knowing the right facts and having a good insight about the Canada Revenue Agency can help when dealing with questions regarding CRA. Experts can help answer what the Canada Revenue Agency is or how far back the Canada Revenue Agency can audit tax returns. Get the answers fast and affordably by asking an Expert.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
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Experience:  10 years experience
16356563
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Recent CRA Questions

  • My mom just received a IRS letter stating she owes $6000 in

    My mom just received a IRS letter stating she owes $6000 in taxes for the year 2012. She said she never received a 1099-B from her bank which she sold all her mutual funds that year.
    She was out of the country for most of the year, so she had already forgotten about selling her mutual fund without the 1099-B. Regardless, the IRS has her mutual funds purchase price as $0 (Actually it is a little over $40,000), so her profit/gain was over $40,000 stated in the IRS letter. (Which is a mistake)
    I'm looking at her statements after digging through piles and piles of statements. Her actually short-term net gain/loss is $39.50 and her long-term net gain/loss is -$706.13.
    She would not owe anymore taxes and in fact the IRS may need to refund more money with the negative loss.
    Is mailing her investment statement along with the written letter explanation enough evidence that she does not owe $6000 in taxes?
  • I am 52 yrs old and have been collecting disability thru MetLife

    I am 52 yrs old and have been collecting disability thru MetLife (I'm a teacher) for ten years because I have ms and degenerative disc disease ( I had spinal fusion surgery 09/2010.
    I want to withdraw funds from my IRA will I qualify for an exemption to the 10% early withdrawal penalty under the 72(m)7 exception?
  • Is there a process for me to appeal an installment payment

    Is there a process for me to appeal an installment payment amoun to the irs per month? I owe them 45,000.00 and my current income cannot handle the payment they have set up for me? Also do I have a chance? I do not want a lien on my paycheck and bank account, again. Thanks for your help, Reggie
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