If you plan on managing your finances on your own, you risk making a lot of errors that could hurt your business. Not being able to claim your deductions is a very common example in this case.
Are you a businessman/businesswoman who doesn’t want to deal with the hassle of claiming each and every deduction you are entitled to? If the answer is yes, then don’t worry, we’ve got you covered!
CPA4IT’s team of expert accountants can take care of your financial responsibilities so that you can spend more time growing your business.
How to claim the missed deduction?
You are normally allowed to make the claim. First, find out whether three years have passed since the date of issue of the Notice of Assessment (or Reassessment) for the particular year when you missed claiming the deductions. If not, Canada Revenue Agency will “open up” a prior year return provided that the following four conditions are met:
- Time period: The return for the particular year is filed within the three-year period.
- Previous Assessment: Canada Revenue Agency is satisfied that the previous assessment/reassessment was not correct.
- Permissive Deductions: The request for decrease in income is not based on so-called “permissive” deductions, such as depreciation.
- Amount: The amount of claims or tax reserves you originally filed are less than the maximum allowable amount.
- Court Case: The application for a refund is not based solely on a successful court case.
Still confused? Don’t worry, we can help! Our industry knowledge and unique Audit Protection Service program will ensure that you keep more of your hard-earned money. CPA4IT’s seasoned accountants utilize their financial experience to guide you on important decisions such as claiming deductions during tax season. We ensure that your expenses are recorded appropriately and timely. This helps you to retain wealth, and turn that wealth into a legacy. Don’t forget to review CPA4IT’s Corporate Tax Checklist, to get a list of all the corporate tax return information we require from you.
