The CRA says that, as part of the campaign, thousands of Canadian taxpayers will receive a letter that provides information about tax reporting requirements for these items. Other taxpayers will receive a similar letter, but will also be advised of CRA's intention to conduct audits. Both letters advise taxpayers on how they can request adjustments to their tax returns, if necessary.
The CRA has stated that it remains "very positive" on using letter writing campaigns as a viable compliance tool.
For more information, contact your KPMG adviser.
Information is current to January 08, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500