tag:blogger.com,1999:blog-4402283548766807872.post3398968809785955169..comments2024-03-20T02:26:06.500-04:00Comments on The Blunt Bean Counter: Confessions of a Tax Accountant - Week Two- T1 Adjustments for Statute Barred YearsThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-4402283548766807872.post-66055876119658877662012-08-21T21:56:05.814-04:002012-08-21T21:56:05.814-04:00Anon, where we have requested adjustments (for iss...Anon, where we have requested adjustments (for issues such as disability claims)for statute barred years, my clients have typically received the following response on their notices of reassessments<br /><br />"As you requested, we have adjusted your return. In the past, you had to make such a request within three years of the date we mailed you the “Notice of Assessment” for that return. However, the taxpayer relief provisions ("fairness" of the “Income Tax Act” allow us to make adjustments beyond the usual three year period. <br /><br />Thus, I am a little surprised the CRA did not allow the 2008 adjustment, even though it was statute barred. You could try the fairness process, but i would not hold out much hope.<br /><br />The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-66410375844405053512012-08-16T22:11:12.533-04:002012-08-16T22:11:12.533-04:00CRA rejected our request to adjust 2008 tax return...CRA rejected our request to adjust 2008 tax return for "elected split-pension amount" due to statute-barred return. (We cannot process the required debit reassessment to another individual's statute-barred return.) <br /><br />They did accept our adjustments for 2009 and 2010 tax years. 2008 tax year will be another $1,500 refund for us. Is there an appeal procedure I can follow? Hope you can help us.<br /><br />Thanks Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-59248404083852704222011-03-15T07:54:36.092-04:002011-03-15T07:54:36.092-04:00This post is appropriate for business men in tax p...This post is appropriate for business men in tax planning.this post is very helpful and useful for tax consulting of business men.<br />Thanks and good luck...........<br /><a href="http://www.gordonsknight.co.uk/" rel="nofollow">Tax Accountants in London</a>Willsonhttps://www.blogger.com/profile/00239137665958314583noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-59794289991657845222011-03-11T14:01:58.232-05:002011-03-11T14:01:58.232-05:00That is an interesting approach, I'll look int...That is an interesting approach, I'll look into it more. I had only been considering it as an ammendment, but now you've given me some more ideas. Thanks!aenoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-45081637535879221052011-03-11T11:15:16.097-05:002011-03-11T11:15:16.097-05:00Hi AE
See this link from CRA (http://www.cra-arc....Hi AE<br /><br />See this link from CRA (http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/menu-eng.html) second paragraph from bottom, says you can deduct salary or wages included in income in a prior year and repaid. I think this applies to your situation, but I dont have the exact details.<br /><br />Your issue could be this is not an ammendment to a prior year, but a current year tax deduction with a 3 year carryback. If your wife has no income in the year of repayment or the 3 prior years, you could get stuck with a loss carryforward or even if you can carryback the deduction, a refund of taxes at a lower rate then paid.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-56418761687336895142011-03-11T08:14:50.503-05:002011-03-11T08:14:50.503-05:00If you're looking for topics for future posts,...If you're looking for topics for future posts, here's an idea related to this one. (As you may guess, it's a self-serving idea because I'm trying to work out the answer myself.)<br /><br />During 2010 my wife received 'top-up' payments from her employer while she was on mat. leave. Income tax was paid on these payments. She is allowed to take 5 yr. off work (unpaid) to continue caring for our child. However, she still 'owes' her employer 1 yr. of service. If she decides not to return after the 5 yr. leave, then we will need to repay the 'top-up' payments.<br /><br />It seems to me that if we've repaid the payments, then we should also be able to recover the income tax that was paid. However, the return will be 5 years old at that point; are there different rules for this case?aenoreply@blogger.com