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Published: November 15, 2023

Proposed legislation extends reassessment period.. The Canada Revenue Agency (CRA) is charging higher interest rates on overdue taxes, raising the risk of heavier costs if a taxpayer makes payments late or is later reassessed. However, higher interest rates “become more of an issue if you’re a taxpayer thinking of getting into some sort of tax-assisted investment,” Rotfleisch said. “If it gets denied, you’ve got a real concern at 10%.”




"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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