It's what the 7 different accountants I talked to told me when I wanted to do the same thing.grant wrote:- Are you a tax accountant?
- Do you set CRA policy?
- Have you ever been reassessed by the CRA for claiming a triplex as a principal residence?
Unless you answered "yes" to any of these questions, you have no basis to say you're "sure" a claimant will be reassessed in this situation.
They mentioned that they would bet on it catching up to me, and then I'd have quite a bit of explaining to do.
It is CCRA interpretation of the tax act.As you may be aware, what you quoted is not tax law or even an official bulletin regarding their interpretation of tax law. (edit: the clue is the vague term "relatively small" .. official interpretation needs concrete guidelines.)
Which means that CCRA uses their interpretation to determine whether a re-assessment is needed.
I will definetely agree with you there - if you are claiming deductions that are a large figure it is best to consult with a professional, and for the small price you'll pay it will bring you great peace of mind.If you or anyone is scared about claiming your maximum legal deductions, then definitely obtain the services of an expert tax accountant. For only a few hundred dollars they will clarify everything for you, and, if the CRA audits or challenges you, they will typically prepare and present your defence for free. (ask ahead of course).