tax return – Durand & Associates

The cost of exceeding your allowable RRSP contribution

March 9, 2022 by Durand

Under the Income Tax Act, contributions to an RRSP that exceed your RRSP/PRPP deduction limit by more than $2,000 can result in harsh penalties. Generally, the taxpayer will be subject to a tax of 1% per month on the excess amount until the excess amount is withdrawn from the RRSP. In situations where a taxpayer … Read more

Objecting to the CRA assessment of your tax return

March 9, 2022March 9, 2017 by Durand

The Auditor General of Canada in its 2016 report indicated that there may be cases where taxpayers disagree with the Canada Revenue Agency’s (CRA) assessment of their tax returns. One of the avenues available to taxpayers to dispute CRA’s assessment is by filing a Notice of Objection through the Appeals Branch. The Auditor General’s findings … Read more