A CRA reassessment can be likened to a financial tune-up conducted by the Canadian Revenue Agency. It is like a meticulous reevaluation of your tax situation, where the CRA takes a second look at your tax return to ensure accuracy. This process involves reviewing your income, expenses, deductions, and credits to verify that everything aligns with tax regulations. So, think of it as a thorough check-up to ensure that your tax affairs are in good order and that you’ve paid the right amount of tax owed to the government.
