Always open the mail!
Yes, that does sound silly, but there are always people who are afraid to open letters from the “Tax Man”, i.e. the Canada Revenue Agency (“CRA”). While this is completely understandable – since you rarely get good news from CRA – it is still important to review any letters from them, ASAP! Letters may be inquiring about:
– Information about your tax return;
– Informing you that they will be auditing you;
– Giving you an arbitrary tax bill (“assessment”); or
– Asking for payment.
Not responding in a timely manner can result in you losing money.
If you have received a letter from the CRA (or any other tax authority, like the IRS), please contact me and I will be happy to assist you. As an Oakville chartered accountant, I have dealt with these letters countless times.
William Khalilieh is an Oakville Chartered Accountant, based in Oakville, Ontario, who provides practical tax and accounting solutions to individuals and their businesses in the Greater Toronto Area.