Accounting and Taxes Thread

[Locke]

Originally Posted by PaperBagger'14

So I wanna give a shout-out to Locke, had a 20 minute chat with him about some obscure ish tax questions and the dudes knowledge of tax and business implications is only paralleled by his humour. Full marks and solid guy.

That was kind of fun! I dont get the unusual questions like that all that often.

Plus, hey, you know my sense of humour going in, so we got to have some fun with it!

[puckedoff]

How long does it take for an NOA/return to be 'Processed'? In the past when I filed for my wife and I, they were both instant (or effectively instant).

I flipped from having to pay deep installments (last year) to receiving a large refund (this year, if they ever actually process my return), which is what I am assuming flagged mine to not be instant-processed. How long until I should be calling CRA to make sure they actually process it?

[Locke]

Originally Posted by puckedoff

How long does it take for an NOA/return to be 'Processed'? In the past when I filed for my wife and I, they were both instant (or effectively instant).

I flipped from having to pay deep installments (last year) to receiving a large refund (this year, if they ever actually process my return), which is what I am assuming flagged mine to not be instant-processed. How long until I should be calling CRA to make sure they actually process it?

[Locke]

Originally Posted by puckedoff

How long does it take for an NOA/return to be 'Processed'? In the past when I filed for my wife and I, they were both instant (or effectively instant).

I flipped from having to pay deep installments (last year) to receiving a large refund (this year, if they ever actually process my return), which is what I am assuming flagged mine to not be instant-processed. How long until I should be calling CRA to make sure they actually process it?

Okay...so I posted my laughing gif. Thats out of the way now.

The answer to your question is....there is no answer to your question.

If you requested an Express NoA you could have it in a Day or two. Maybe. They might not even do it. It depends.

"What does it depend upon?" One might ask. Nobody knows. Maybe Dan just isnt in that day, could be anything.

For something as basic as a Tax Refund? 2-4 weeks? Assuming only 'Business Days.'

[Sylvanfan]

I filed yesterday and immediately had an express NOA dated for April 9th show up in my inbox right away. So that seems to suggest after 5 full business days they might get it done at this stage. I imagine it extends a bit as April 30th approaches.

[Locke]

Originally Posted by Sylvanfan

I filed yesterday and immediately had an express NOA dated for April 9th show up in my inbox right away. So that seems to suggest after 5 full business days they might get it done at this stage. I imagine it extends a bit as April 30th approaches.

It also depends heavily on the complexity of the return. If its just slips they can issue an Express NoA almost immediately.

You add a rental property, significant medical expenses, a sole prop, or even someone who has their own Corp, they have to match the Corp's filed slips to those indicated in the T1.

It depends.

If you've got a T4 and some RRSPs you could get an express Noa in hours, more than that though?

[Titan2]

Originally Posted by Locke

1. Its not the 'Accounting Profession's responsibility to 'bring back the allure' to prospective students. That sounds...well...it sounds like creepy 'grooming.'

2. Uh...no hugs required?

Says the guy with an "intern" gimped up in the basement?

[Titan2]

Originally Posted by PaperBagger'14

So I wanna give a shout-out to Locke, had a 20 minute chat with him about some obscure ish tax questions and the dudes knowledge of tax and business implications is only paralleled by his humour. Full marks and solid guy.

Nah. Too easy.

[Locke]

Originally Posted by Titan2

Says the guy with an "intern" gimped up in the basement?

First of all....its important to note that my Intern left me. I helped him get a job at Deloitte *spits on floor*

And secondly...my office doesnt have a basement.

We Accountants largely dont hold people against their will. Theres experienced Professionals that you can pay to do that. They have Wells and all of the other assorted equipment, its just their core specialty. You have to leave people to do what they do best.

And then when they're attempting to write off copious amounts of rope, duct tape and tarps its just best not to ask too many questions. Lest you be on the other side of said rope and duct tape and firmly ensconced in said tarps.

Look its a whole thing.

[Titan2]

Originally Posted by Locke

First of all....its important to note that my Intern left me escaped. I helped him get a job at Deloitte *spits on floor* (to cover the lotion stain)

And secondly...my office doesnt have a basement. (Neither does the Chicken on the Way, or so they say)

We Accountants largely dont hold people against their will. (We are more the 'push them out of the helicopter' types) Theres experienced Professionals that you can pay to do that. They have Wells and all of the other assorted equipment, its just their core specialty. You have to leave people to do what they do best. (You are preaching to the choir here- let experts be experts)

And then when they're attempting to write off copious amounts of rope, duct tape and tarps its just best not to ask too many questions. Lest you be on the other side of said rope and duct tape and firmly ensconced in said tarps. (unless that is what you are into, where is our Greenland/Norway/Finland friend btw?)

Look its a whole thing.

All ####s and giggles.

What is the most near-offside activity someone tried to pay taxes for? Im thinking OnlyFans/bordello/etc.?

[Weitz]

Here’s a lazy question because I think our system is stupid..

If I just submit my return with my T4 and the wife’s T4 can I just let the government reassess me to the proper return? Are there penalties if I pay right away when reassessed? I’m guessing they probably don’t assess rrsp and what not maybe that would be an issue.

Tax season is stupid.

[Locke]

Originally Posted by Weitz

Here’s a lazy question because I think our system is stupid..

If I just submit my return with my T4 and the wife’s T4 can I just let the government reassess me to the proper return? Are there penalties if I pay right away when reassessed? I’m guessing they probably don’t assess rrsp and what not maybe that would be an issue.

Tax season is stupid.

Oof...theres a lot there.

Generally, the answer is 'no'.

As other Accountants on the board have noted, the CRA do not GAF about you. They care about collectible fees.

So...no. They will not complete your taxes, for a number of reasons, you'll more than likely be hounded by the 'Matching Deaprtment' and you're going to make your life significantly harder.

They'll probably make you file your taxes properly and while this is all happening a Vegas-bookie-esque 'Vig' is constantly running. They compound their penalties and interest daily.

[DoubleF]

Originally Posted by CaptainYooh

Surprisingly (or not), we have quite a few accountants in here. Hopefully, out of love for their profession, they would be kind enough to throw a few freebies and answer some silly general questions in this thread from us plebes...

I'll kick it off with a simple one (right?); does CRA have any accountability for the time they take to review audit responses? They certainly have very little patience themselves when it comes to requesting documents in support of audit inquiries. And G-d forbid, you miss their deadlines to respond; re-assessments come back at you fast and furious. Conversely, when everything is copied, mailed, uploaded, provided etc. they sure take their sweet time to look at it and respond. Not only that, they give you f... all as to when you might even expect their response.

Case in point: back in July of 2023 I was asked to provide receipts supporting employment expenses, which I filed promptly on MyCRA. Three months passed - nothing. Called in October, spoke to someone: "oh, looks like nobody had a chance to see it for some reason; why don't you re-upload, so that we can now assign a special review number to your file". No apology, just a matter of fact. Happens, eh. Done. Nine months later now, still nothing. Called again. "Oh, yeah, we see it, it's in the cue." When can I expect a response? "We don't give this information, because we don't know"... I mean, come on. It has to be at least some form of a guideline on their response timing. CRA is becoming a Canadian version of KGB - clandestine, secretive, accountable to nobody. You cant' even sue them, really.


Added for GGG:

https://www.canada.ca/en/revenue-age...ing-times.html

You'd want to confirm the minimum processing time for the specific scenario on this link or by calling the CRA agent and confirming the processing time for the situation. Ask at what date to expect a resolution.

You might also see information in your MyCRA account progress tracker, but this feature is pretty broken right now.

Accountability wise, there's the ombudsman if you think that the situation you're dealing with is unreasonable. But the ombudsman isn't someone you contact to expedite the process.

https://www.canada.ca/en/taxpayers-ombudsperson.html
https://www.canada.ca/en/taxpayers-o...to-basics.html

If you want a depressing example of what to expect:
https://www.canada.ca/en/revenue-age...s-2022-23.html

I don't know if you should have expected 10-12 weeks or 180 days. But they've certainly taken way too long at 9 months. I'd definitely call every few days until they give you a date when to get an idea whether it's still processing or whatever.

[Locke]

Originally Posted by DoubleF

https://www.canada.ca/en/revenue-age...ing-times.html

You'd want to confirm the minimum processing time for the specific scenario on this link or by calling the CRA agent and confirming the processing time for the situation. Ask at what date to expect a resolution.

You might also see information in your MyCRA account progress tracker, but this feature is pretty broken right now.

Accountability wise, there's the ombudsman if you think that the situation you're dealing with is unreasonable. But the ombudsman isn't someone you contact to expedite the process.

https://www.canada.ca/en/taxpayers-ombudsperson.html
https://www.canada.ca/en/taxpayers-o...to-basics.html

If you want a depressing example of what to expect:
https://www.canada.ca/en/revenue-age...s-2022-23.html

I don't know if you should have expected 10-12 weeks or 180 days. But they've certainly taken way too long at 9 months. I'd definitely call every few days until they give you a date when to get an idea whether it's still processing or whatever.

Has that feature ever worked? They've brought MyCRA to its knees a few times to update and work on that feature and I dont think its ever worked.

And the fact of the matter is, what a stupid program. If you didnt take forever to process things people would be fine. Wait a couple weeks, and there it is! But when you take months and give no timelines people get worried.

[fundmark19]

Anyoe familiar with Line 30400 - Amounts foran elgible dependant?

I am newly seperated starting paying support in december and have my kids 50/50.

The wording of "If you had a spouse or common-law partner, but you were not living with, supporting, or being supported by that person, the CRA consders that you were seperated for the purpose of this amount."

So I am serperated but paying support payments is that a different kind of support based on CRA's mind?

https://www.canada.ca/en/revenue-age...dependant.html

[Locke]

Originally Posted by fundmark19

Anyoe familiar with Line 30400 - Amounts foran elgible dependant?

I am newly seperated starting paying support in december and have my kids 50/50.

The wording of "If you had a spouse or common-law partner, but you were not living with, supporting, or being supported by that person, the CRA consders that you were seperated for the purpose of this amount."

So I am serperated but paying support payments is that a different kind of support based on CRA's mind?

https://www.canada.ca/en/revenue-age...dependant.html

Thats a complicated question.

What kind of support are you paying? Child or Spousal? How much? How? To whom?

Primarily though, this might not be something you want to air out on a Public forum.

[fundmark19]

All of the supports!

[Locke]

I've sent you a PM.

[Titan2]

Originally Posted by Locke

I've sent you a PM.

So have I! Locke's may be slightly more useful to you, but you never know!!

[DoubleF]

Originally Posted by fundmark19

Anyoe familiar with Line 30400 - Amounts foran elgible dependant?

I am newly seperated starting paying support in december and have my kids 50/50.

The wording of "If you had a spouse or common-law partner, but you were not living with, supporting, or being supported by that person, the CRA consders that you were seperated for the purpose of this amount."

So I am serperated but paying support payments is that a different kind of support based on CRA's mind?

https://www.canada.ca/en/revenue-age...dependant.html

Honestly speaking, calling an agent at 1-800-959-8281 isn't a bad approach minus the occasionally long wait times right now. Just be nice to the agent. Explain your specific situation and they can give insight/clarification into how to understand those rules.