This is why the CRA statue of limitations is so important.
A big fear that many have is the CRA conducting an investigation into returns from many years ago and then demanding you pay a significant tax debt that you weren’t even aware of owing. This refers to how far back the CRA can go when looking into prior year returns, collecting tax debt, and conducting audits (this is sometimes known as the CRA audit time limit). One situation that many have trouble understanding is the CRA statute of limitations. In fact, fully understanding the ins and outs of CRA processes and rules is often more complicated than filing and paying taxes. Paying off tax debt is difficult, but so is understanding various tax laws and Canada Revenue Agency (CRA) rules. What is the CRA Statute of Limitation on Tax Debt?
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