The Canada Revenue Agency is reviewing the 2016 tax returns. In fact, they are also calling for details on 2014, 2015 and 2016 during 2017.
It is important to note the following:
- The CRA will provide only 30 days to reply to their request for information. They allow only one extension.
- The reply must be sent to the same location that requested the information. This may not necessarily be the same as where you filed your tax return or that issued your Notice.
- Failing to comply with the request will result in a denial of your claim and cause a reassessment of your tax return resulting in a balance owing.
So you’ve been named as executor of an estate. What about the taxes?
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It is permitted to deduct legal fees under the Income Tax Act, but only in specific cases and you must ensure that you hold the correct documentation.
If you are using the services of an electronic filer (efiler), you must present the documentation to them prior to the tax return being filed. If you are filing your own return, either paper or electronic, you are required to retain the documentation for six years past the date of the last Notice of (Re)Assessment for that return.