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DID YOU KNOW?....

Your corporate tax return is due 6 months after the year end but CRA starts charging interest on balances owing after 3 months?

The Canada Revenue Agency implemented a new system in their offices for April 1, 2007.  You will only receive refunds due to you if you do not have any other outstanding tax liabilities with the government, including GST, tax, payroll remittances, maintenance enforcement, student loans and traffic tickets.  Pay off any outstanding debts to ensure that you are not charged non-deductible interest and you get all refunds owing to you.

Summer is audit season for the Canada Revenue Agency.  Ensure that you keep all of your records and computer data for seven years in a safe storage area and avoid the heat when the auditor calls!