knowledge topics
Administration
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)
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally

REFERENCES
- http://www.cra-arc.gc.ca/gncy/prgrms_srvcs/mssn-eng.html
- http://www.revenuquebec.ca/en/a-propos/organisation/mission/default.aspx
- http://lois-laws.justice.gc.ca/PDF/I-3.3.pdf
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/sndng/menu-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rvws/menu-eng.html
- http://www.cra-arc.gc.ca/changereturn/
- http://www.cra-arc.gc.ca/gncy/cmplntsdspts/ncmtx-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/ssmnt-eng.html