Canada Revenue Agency Wants to Cause You Stress

Canada Revenue Agency (CRA) assesses tax returns way faster than they process the payments. The notice of assessment is sent out before any payments have been processed.

Unnecessary stress and heart attacks are caused by opening the envelope and seeing that you owe a BIG number. Many innocent taxpayers will assume that they owe the amount on the letter in addition to the amount that have already paid — when in fact their taxes are all paid!

It is important to calm down and look for the sentence that says, “You need to pay “big number” minus any amounts you paid that we have not processed yet.”

As always, reading the whole letter before you lose your mind is a good thing. If you know that you made a payment and the payment does not appear, you should wait a week or so, another statement is coming your way.

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