KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Identify that federal and provincial/territorial governments develop and maintain their respective tax laws.
- Identify the bodies responsible for administering and collecting taxes.1,2
- Explain that the tax filing system is based on self-assessment.
- Explain the purpose of the Canada Revenue Agency’s General Anti Avoidance Rule (GAAR).3†
- Identify the process, including timelines that exist for tax and information returns.
- For submission of a return4
- For assessment of a return5
- For reassessment of a return by the taxpayer or taxpayer’s legal representative(s)6
- For objections or appeals to a return or reassessment7
- Explain the purpose of a personal Notice of Assessment.
- Explain the sections of a personal Notice of Assessment.
- Identify methods that may be used to obtain a personal Notice of Assessment.8
- Identify that a process exists for reassessment of an income tax return by the Canada Revenue Agency.
† Refer to Section 245 (1) – (5) of the Income Tax Act.
Glossary of Verbs (mouse over to see definition)
To state exactly the meaning of
To be aware of / to recognize and correctly name / to locate an appropriate resource
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
To note the similarities and differences between two or more things
To determine an approximate value for
To find the value using mathematics
To change from one form or purpose to another
To reach a conclusion or make a judgement through careful study
To give the meaning of / to construe or understand / to translate orally