Tough Tax Questions

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Everyone has tough tax questions. Even though this years tax season coming to an end, its still good to ask those questions now so that you are prepared for next year. There may be questions you are nervous to ask, however ignoring certain situations could get you into trouble down the line, therefore it is better to ask the tough questions now. The Toronto Star prepared a list of questions that people often wonder about in regards to their taxes;

-What happens if I don’t report my income?tough tax questions
-What are my chances of a tax audit?
-What is the worst that could happen?
-I forgot to report income, but my employer will have told the CRA, what will happen?
-Can the CRA track rent from my tenants if it is paid in cash?
-Are travel rewards gained from work trips taxable?
-Is it important to declare income form a foreign source?

To see the full article from the Toronto Star click here: http://www.thestar.com/business/personal_finance/2012/03/04/2012_income_tax_season_11_questions_you_are_afraid_to_ask.html

If you have these, or any other questions about your taxes, contact me at info@cpa4toronto.com. I can help you to understand your unique financial situation and set you on the right track so that you are prepared for next years tax season.

Nicole Dronca, CGA