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Home » Taxation
The CRA’s matching program
Category :- Taxation

Author :- Proccounting 
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Posted on November 14, 2015, 12:34 am
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Received a notice of reassessment? Don’t be surprised. Chances are you have been matched by the CRA’s “matching program”.

 

What is Matching Program?

 

Many Canadians may not know that the CRA has a state-of-the-art matching program. Every fall after the busy tax filing season, the matching program starts running ruthlessly. It systematically scans all tax returns and matches the information you reported on your return with the information reported by your employers, banks, investment companies, business partners, and any other third parties. The program also compares your tax return to that of your spouse or common-law partner. If you are running a business, there are more things to match, for example, your GST/HST returns, payroll deductions, corporate tax return, and etc.

 

What happens if it does not match?

 

If the tallies don’t match, you will be served with a notice of reassessment for additional taxes and interest if you missing any income. You may even be hit by a so called the “repeat failure to report income” penalty. And it is big – 20% of the income that was not reported. To be clear, it is not 20% of the amount of tax owed. Not passing the matching program can easily make you a candidate for the CRA’s Most Wanted list. Your returns will be scrutinized year after year.

 

Protect yourself

 

With the complex tax rules and robust taxman, you need a tax professional to take care of your tax. There are many tax preparers providing good services with reasonable fees. It is not worth spending the time struggling by yourself and taking the extra risks.

For more information, contact Simon at simontax@proccounting.com

 

Source: http://www.proccounting.com/resources/tax-information/161-the-cras-matching-program


Comments : Proccounting provides accurate, convenient, and affordable tax preparation services, helping small business owners stay focused on their core business activities to achieve their goals.
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