A & J Hennessy Income Tax Services

Mythbreakers

Mythbreakers
Courtesy of A&J Hennessy Income Tax Services

Myth 1. Changing accountants will cause an audit.                                                

False! Many accountants use this scare tactic to keep clients from leaving, rather than relying on the quality of their service.                                       

Myth 2.  I don't need to file on time because I always get a refund anyway.          

False! Canada Revenue does not have to issue refunds for returns not filed within three years of year end...plus your return is statute barred from audit three years after the date on your notice of assessment. (some exceptions apply)                 

Myth 3.
My returns must be right because I've never been re-assessed.              

  False! Just because your return has been accepted as filed doesn't mean it's          right.  It merely might mean no one has looked closely at it...penalties and interest may be levied upon review.                                                                                      

Myth 4. If I miss something...Canada Revenue will correct my return for me.

Maybe! Many credits you may be entitled to are "voluntary"...so if you don't elect...they don't have to give them to you.                         

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