The CRA and compliance

Arrears interest is what the CRA charges, compounded daily, on tax you owe after the due date. Learn how it builds, how often the rate changes and how to limit it.

An audit engagement is an independent accountant’s examination of financial statements that ends in an opinion on whether they fairly represent the business.

What an audit trail is in accounting, how it links a reported number back to source documents, and what Ontario businesses should keep to support it.

An authorized representative is someone you permit to deal with the CRA for you. Learn the access levels, how to authorize an accountant and how to cancel.

A business number is the nine-digit number the CRA uses to identify your business. Learn what RT, RP, RC and RM program accounts are and how to register online.

A CRA processing review checks claims on a return after your notice of assessment is issued. See what the letter means, how it differs from an audit and how to reply.

Directors’ liability explained: when the CRA can hold a corporation’s directors personally responsible for unremitted payroll deductions and GST/HST, and what due diligence means.

What counts as an electronic record for CRA purposes, how long to keep them, what must stay readable, and what to check before changing software.

The gross negligence penalty applies to false statements or omissions on a return made knowingly or with gross negligence. See the amount, examples and your options.

The late-filing penalty is 5% of the tax you owe plus 1% per full month late, up to 12 months. Learn how it works, when it doubles and how to avoid it.

My Account is the CRA’s secure portal for your personal tax and benefit information. See who can register, what you can view and change, and its limits.

My Business Account is the CRA’s secure online portal for businesses. See what you can do in it and how to authorize an accountant through Represent a Client.

A notice of objection is a formal dispute of a CRA assessment. See the 90-day and one-year deadlines, extension rules and how to file online or by mail.

A CRA payment arrangement lets you pay a tax debt over time. See how to set one up online or by phone, what to have ready and what happens if you miss a payment.

A reassessment changes a return the CRA has already assessed. Learn who can start one, how long the normal reassessment period runs and what to do when one arrives.

The repeated failure to report income penalty applies when you leave out $500 or more again within three years. See how it is calculated and how to reduce the risk.

A requirement to pay is a CRA garnishment that tells a third party, such as an employer or bank, to send money it owes you to the CRA. See how it works.

Learn what it means to self-assess GST/HST, when a business reports tax on imports or its own use of property, and how line 405 of the return works.

A T1 adjustment request asks the CRA to change an assessed personal tax return. See what you can fix, online versus paper, processing times and outcomes.

Learn when a corporation paying dividends must issue T5 slips and file the T5 Summary, what the boxes show and the last-day-of-February deadline.

A clearance certificate confirms the CRA has been paid, or secured, before an executor or liquidator distributes assets. See who needs one and how to ask for it.

Understand tax instalments for individuals and corporations: who must pay, the 2026 due dates, the three calculation options and how instalment interest works.

Taxpayer relief lets the CRA cancel or waive penalties and interest when circumstances beyond your control stopped you filing or paying on time. Learn who can ask and how.

The CRA’s Voluntary Disclosures Program can reduce penalties and interest when you correct a tax error yourself. See the conditions, relief levels and how to apply.