Common CRA‑Identified Issues in Tax Return Filing — General Information
The Canada Revenue Agency (CRA) outlines various requirements related to record‑keeping, reporting, and filing obligations for individual and business taxpayers. Based on publicly available CRA guidance, certain issues may arise when tax returns are prepared or filed.
The information below summarizes common compliance‑related areas identified in CRA publications.
Record‑Keeping Requirements
CRA requires taxpayers to retain supporting documents, such as receipts and invoices, for a period of six years from the end of the relevant tax year. These records support amounts reported on tax returns and may be requested by CRA for verification purposes.
Reporting of Deductions and Credits
CRA permits certain deductions and credits where eligibility criteria are met and appropriate documentation is maintained. Incomplete or inaccurate reporting may result in adjustments during assessment or review.
Filing Deadlines
CRA establishes filing deadlines for income tax returns and related filings. Late filing may result in penalties and interest, regardless of whether a balance is owing. CRA publishes information regarding payment arrangements and administrative relief on its website.
Transferable Credits
Certain tax credits may be transferable between eligible family members, subject to CRA rules and limitations. Eligibility and transferability are governed by the Income Tax Act and CRA administrative guidance.
RRSP Contribution Deadlines
While most personal tax calculations are based on the calendar year, RRSP contributions follow a different deadline. Contributions made within the first 60 days of the following year may be deductible for the prior tax year, subject to available contribution room.
Timing of Tax‑Related Decisions
Some tax‑related elections and reporting positions are time‑sensitive and must be reflected in the appropriate tax year. CRA guidance outlines applicable deadlines and reporting requirements.
Summary
CRA publishes detailed guidance on record‑keeping, filing obligations, deductions, credits, and registered plans. Reviewing CRA publications and administrative guidance can assist taxpayers in understanding these requirements when preparing tax returns.
Disclaimer: The information provided on this page is for general informational purposes only and is based on publicly available information from the Canada Revenue Agency (CRA). It does not constitute tax advice and should not be relied upon as such. Tax legislation and administrative policies are subject to change.
