Amit files his tax return for the 20X5 year on March 14, 20X6. On April 17,...
Amit files his tax return for the 20X5 year on March 14, 20X6. On April 17, 20X6, he receives a notice of assessment dated April 12, 20X6, that indicates the CRA has accepted his return as filed. What is the latest date by which the CRA can still reassess Amit’s return for the 20X5 year, assuming that Amit has not made any careless misrepresentations in his return?
a) July 11, 20X6
b) March 14, 20X9
c) April 12, 20X9
d) No further assessments are permitted.
Homework Answers
Answer is Option c) April 12, 20X9
CRA reassessment period is the period after the date of the notice of assessment within which the CRA may reassess a taxpayer's tax return. CRA can reassess a tax return at any time for 3 years from the date on the notice of assessment. In the given case the notice was dated April 12, 20x6 and there was no careless misrepresentation Hence 3 years is counted from April 12, 20x6. Hence the latest date by which CRA can still reassess Amit's return for 20x5 year is April 12, 20x9
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