Comments on: The Critical Info on Statute Barred Years http://blog.danwhite.ca/2010/08/31/the-critical-info-on-statute-barred-years/ Dan White's Personal Web Site where he provides information on tax topics in Canada. Tue, 22 May 2012 01:49:15 +0000 http://wordpress.org/?v=2.2.1 By: Bruce Ryan http://blog.danwhite.ca/2010/08/31/the-critical-info-on-statute-barred-years/#comment-27104 Bruce Ryan Thu, 28 Oct 2010 17:45:31 +0000 http://blog.danwhite.ca/2010/08/31/the-critical-info-on-statute-barred-years/#comment-27104 Thanks for the overview, however, there are times when it makes sense to sign the waiver to the tax payers advantage. The one reason I know of is where the accounting and bookeeping have been done poorly and there are about to be statute barred ITCs that could be collected, but the work has yet to be done to properly document and file returns to collect the ITCs. Filing Wavor allows the work to be done to claim the ITCs and not loose them. Just went through an Audit and had a lot of ITCs lost and now we are trying to preserve the remaing about to go Stat Barred. Please let me know if you agree with this approach or have other approaches. Bruce Thanks for the overview, however, there are times when it makes sense to sign the waiver to the tax payers advantage. The one reason I know of is where the accounting and bookeeping have been done poorly and there are about to be statute barred ITCs that could be collected, but the work has yet to be done to properly document and file returns to collect the ITCs. Filing Wavor allows the work to be done to claim the ITCs and not loose them.

Just went through an Audit and had a lot of ITCs lost and now we are trying to preserve the remaing about to go Stat Barred.

Please let me know if you agree with this approach or have other approaches.

Bruce

]]> By: lee errett http://blog.danwhite.ca/2010/08/31/the-critical-info-on-statute-barred-years/#comment-24944 lee errett Wed, 01 Sep 2010 23:45:29 +0000 http://blog.danwhite.ca/2010/08/31/the-critical-info-on-statute-barred-years/#comment-24944 Dan, This is an excellent contribution as even the CRA employees have difficulty explaining the concept of "statute barred". The clearly stated message of keeping the books in order and be wary of signing waivers is sage advice. Statute barred is for protection of honest tax payers. Lee Dan,
This is an excellent contribution as even the CRA employees have difficulty explaining the concept of “statute barred”. The clearly stated message of keeping the books in order and be wary of signing waivers is sage advice. Statute barred is for protection of honest tax payers.

Lee

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