The success or failure of a business can greatly depend on the handling of improper reassessments from the Canada Revenue Agency (CRA). That’s why it’s important to act quickly and seek the advice of a tax professional to present your viewpoint effectively.

Receiving a Reassessment Notice:

Receiving a notice of reassessment from the CRA can have serious financial implications for small businesses. It is the responsibility of the taxpayer to prove that the assessment is incorrect in both fact and law.

Acting Quickly:

If you have received a reassessment notice, don’t panic! The first step is to bring the notice along with any supporting documents to a tax professional. They will prepare to present factual support for your position and ensure that the reassessment has no adverse effect on your business.

Conclusion:

In conclusion, handling improper reassessments is a critical aspect of managing a small business. By seeking the advice of a tax professional, you can be confident that your viewpoint will be presented effectively and your business will be protected from any negative financial consequences.