The first thing to do when receiving a notice of reassessment is to understand what it’s about. If need be, a taxpayer can call the Canada Revenue Agency to ask for an explanation.
The next thing to do is to ensure that the CRA is not statute-barred (or, in other words, is within the time limit to reassess). The CRA generally makes sure that it is not statute-barred, but it doesn’t hurt to double-check, especially in borderline cases.
If the CRA is not statute-barred, the taxpayer is generally left with 2 choices. He can either agree with the reassessment or he can disagree. If the taxpayer disagrees, he must file a notice of objection with the CRA.
Last updated: November 3, 2016
