In the event of receiving a tax review by CRA you may only have a short period of time to respond.
One example is a when a business receives a post-assessing review; which can be a short one-page letter requesting documents to support a previous tax filing and with a short deadline of only 30 days.
If the deadline has passed, CRA will issue a Notice of Re-assessment with additional tax owing. From the date of this reassessment the business has just 90 days to register a formal dispute. I recommend speaking with your Accountant as soon as you receive a Notice of Re-assessment that you want to dispute.
CRA can review your taxes within three years of the initial Notice of Assessment and it may have a significant impact on your business. If you are not receiving mail from CRA or opening it as soon as received, you may be at risk of paying more tax than you actually owe.
Check with CRA to insure you are receiving your mail and reading it promptly… or it could cost you!
