Did you claim small business losses or have employment expenses in 2014?
Drum roll please……in the very near future, CRA will send thousands of letters to a selected group of individual taxpayers and business owners who have a history of business and rental losses or those individuals that have claimed employment expenses (Form T777). CRA has explained that this process will assist small business owners and individual taxpayers to better understand their obligations and responsibilities when it comes to the Income Tax Act. If you receive this letter, your best practice would be to contact your tax professional and review the details prior to responding to CRA.