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%.”
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