- Blog - http://blog.danwhite.ca -
Old Tax Debts, Stature Barred.
Posted By Dan White On June 16, 2007 @ 8:37 am In Tax Tips | No Comments
Old Tax Debts – Debts beyond six years are now statute barred by recent court decisions (Mar, 03). Not quite certain if CRA will honour that decision but in the meantime, tax debts never die – they just gather interest. If you had an old tax debt, didn’t have to go bankrupt, and are now making good money – look out for those # 8 brown envelopes with your name in the window.
CRA has up to three years from the mailing date of your notice of assessment to conduct an audit For a Canadian controlled private corporation, the MOF has 4 years. After this time, the particular year is statute barred unless there is a case of fraud, in which case there is no time limit to the period for audit.
CRA has up to three years from the mailing date of your notice of assessment to conduct an audit For a Canadian controlled private corporation, the MOF has 4 years. After this time, the particular year is statute barred unless there is a case of fraud, in which case there is no time limit to the period for audit.
Fraud is hard to establish … This includes the time they are messing in the file… they have to be done and over in 3 years from the Notice of Assessment date.
Article printed from Blog: http://blog.danwhite.ca
URL to article: http://blog.danwhite.ca/2007/06/16/old-tax-debts-stature-barred/
Click here to print.