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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.
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