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A notice of assessment under subsection 152(7) of the Income Tax Act will be issued. This 152(7) assessment is commonly known as an arbitrary assessment. Collection actions may follow. The taxpayer could file an amended tax return to reduce the tax bill. Once amended returns are filed, an audit is normally triggered. [citation needed]
The return is the method by which the Canadian government determines the appropriate amount of tax that should be paid by individuals and corporations. The result of filing a return with the federal government can result in either a refund (money owed to the person or corporation filing the return), or an amount due to be paid. There is a ...
“The statute of limitations for filing amended tax returns is three years after the original return was filed (either at the original filing deadline, e.g. May 17, or the actual filing date ...
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Electronic tax filing, or e-filing, is a system for submitting tax documents to a revenue service electronically, often without the need to submit any paper documents. Electronic tax filing may refer to: IRS e-file, a United States system for federal income tax; NETFILE, a Canada Revenue Agency system for consumers
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