Lecture1chapter3 - Administration-2010-2011

Lecture1chapter3 - Administration-2010-2011 - Fall 2010 1...

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Fall 2010 1
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Department of Finance Responsible for the federal tax law Canada Revenue Agency (CRA)        www.cra.gc.ca Assess and collect tax Fall 2010 2
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In order to assess tax, CRA must interpret the law. CRA publishes its interpretation of the tax laws in: - Interpretation Bulletins - Information Circulars - Information Booklets The interpretations published by CRA are not law and  can be disputed through the court system. Fall 2010 3
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Filing due date (a)  Corporations 6 months (d)  Individuals April 30 or June 15  (b)  Deceased individuals      Later of 6 months after       death and the normal                           due date (c)  Trusts 90 days Fall 2010 4
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After filing a return, CRA is required to assess it  within a reasonable time. Means CRA will scrutinize the calculations Fall 2010 5
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Taxpayer Normal Reassessment  period Individuals 3 years Trusts 3 years CCPC’s 3 years Corporations other than  CCPC’s 4 years Fall 2010 6
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ITA 153 (1) - Pay tax on certain income when  received: Employers are required to withhold and remit tax to  CRA on employee’s behalf. Other types of income, payments must be made 
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Lecture1chapter3 - Administration-2010-2011 - Fall 2010 1...

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