CRA Letter Resolution: Navigate Notices with Martin & Associates
Turn CRA Correspondence from Challenge to Opportunity with Our Guidance
Receiving an CRA letter can be unsettling, but it doesn't have to derail your financial peace. Our CPAs and tax specialists excel in decoding these notices and crafting effective responses that protect your interests. We transform the challenge of CRA correspondence into an opportunity for financial clarity and compliance.
With our deep understanding of tax regulations and years of experience, we handle the complexities, allowing you to focus on what truly matters – your business and personal life. Let our team guide you through this process, ensuring a favorable resolution and setting the stage for your continued financial success.
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Common Reasons for CRA Letter Notices
You can receive an CRA letter for reporting discrepancies
Reporting Discrepancies
The CRA often sends notices when your reported income doesn't match their records. This includes overlooked stock option income, unreported income from online businesses or platforms, missed CRA transactions, and forgotten dividends. Our CPAs review your financial documents, identify discrepancies, and communicate with the CRA to ensure accurate tax filings.
Unfiled Returns
Both the CRA and state tax agencies send letters when they believe you should have filed a return. This applies to individuals and businesses, even those with no activity. We guide you through the process of resolving these issues and filing any necessary returns.
Audit Notifications
CRA letters may indicate an upcoming audit, especially for those with aggressive deductions or schedule C businesses. Our experienced CPAs prepare you for the audit process, gather required documentation, and represent you during CRA interactions.
Our Signature CRA Letter Resolution Services
Comprehensive Notice Analysis
We meticulously examine your CRA notice and tax records to identify the root cause of the issue.
Strategic Response Formulation
Our CPAs craft tailored responses to the CRA, addressing all concerns with supporting evidence.
Direct CRA Communication
We handle all correspondence with the CRA, saving you time and reducing stress.
Skilled Negotiation
Our team negotiates with the CRA to achieve the most favorable outcome for your specific situation.
Ongoing Support
We implement strategies to prevent future issues and ensure continued tax compliance.
FAQs Regarding CRA Letters
Why am I getting an CRA letter?
The CRA sends letters for various reasons, typically related to your tax return or account. Common reasons include discrepancies in reported income, unpaid tax balances, or audit notifications. You might also receive a letter if there's missing or incorrect information on your return, or if the CRA made changes to your filing. In some cases, they may request additional information or need to verify your identity. Remember, receiving a letter doesn't always indicate a problem; sometimes it's simply informational.
Why is the CRA sending me a letter in 2024?
In 2024, the CRA may contact you regarding your recent tax filings or ongoing tax matters. Common reasons include: Reviewing your 2023 tax return, following up on previous years' tax issues, notifying you about tax law changes affecting past returns, requesting additional information due to processing delays, or alerting you to potential identity theft concerns. The specific reason will be clearly stated in the letter.
How do you know if the CRA is auditing you?
The CRA will clearly inform you if you're being audited through an official audit letter. This letter arrives via certified mail and specifies which tax return(s) and items are under review. It will request specific documents or information and provide contact details for the assigned CRA agent. You'll also be given a deadline to respond or schedule an appointment. It's important to note that the CRA never initiates an audit through email, phone, or text message.
What will trigger an CRA audit?
While the CRA uses complex algorithms to select returns for audit, certain factors may increase your chances. These can include significant changes in income from year to year, unreported income, or large charitable donations relative to your income. Home office deductions, cash-intensive businesses, and claiming 100% business use of a vehicle may also draw attention. Consistently reporting business losses or claiming deductions unusually high for your income bracket can trigger scrutiny.