Investment Executive quotes Montreal tax lawyer Nicolas Simard in an article about how you can help your clients prevent and fix errors and omissions in their income tax returns, and how to advise them about what to do when assessments go against them.
Read more from Nicolas and other members of our Tax group on our Tax blog, TaxEd International.
Nicolas Simard[....]says filing an objection is important because it temporarily stops the CRA from collecting on the debt the agency claims is owed. However, interest and penalties will still apply on the contested amount.
"The objection is the way to say, 'I disagree'," Simard says. "If you don't [file the notice], you will be stuck with the assessment."
The process is simple and notices of objection are common. The CRA received 83,708 objections in 2013-14, the latest year for which figures are available.