COMMERCE 4SB3 Study Guide - Comprehensive Final Exam Guide - Canada, Accounting, Tax Bracket

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 4SB3
• Professor: Eric Bentzen

Document Summary

Income tax act changes based on the budget changes that department of finance decides to implement. Cra are the enforcers who you deal with and who audits tax returns. If you file tax retur(cid:374) a(cid:374)d c a does(cid:374)(cid:859)t like it the(cid:455) (cid:272)a(cid:374) (cid:272)ha(cid:374)ge it (cid:894)i. e. guilt(cid:455)(cid:895) a(cid:374)d (cid:455)ou (cid:374)eed to pro(cid:448)e yourself innocent. If (cid:455)ou disagree (cid:449)ith the c a(cid:859)s de(cid:272)isio(cid:374), (cid:455)ou (cid:272)a(cid:374) file a (cid:858)notice of objection(cid:859) which goes to the. Revenue canada appeal decision board (cid:449)ho looks at the c a(cid:859)s (cid:272)o(cid:373)(cid:373)e(cid:374)ts a(cid:374)d the individuals appeal. Whoever loses can take it to the tax court of canada who listen to tax (cid:272)ases; a(cid:271)out 6 judges. With the ta(cid:454) (cid:272)ourt(cid:859)s de(cid:272)isio(cid:374)s, (cid:449)hoe(cid:448)er loses (cid:272)a(cid:374) file another appeal which then goes to federal court of appeal. Whoever loses can appeal to the supreme court of canada and they decide whether they want to hear it or not. This is the final ruling and (cid:272)a(cid:374)(cid:859)t (cid:271)e appealed further.