08 Jan What is the difference between the two services; Tax Return and Tax-Reclaim?
A tax return is a document that taxpayers have to file with their taxable income, tax credits or other relating information and submit it to the Canadian Revenue Agency (CRA) annually. The tax return for a particular year has to be submitted by April 30 of the following year. Therefore, Tax Return service is a service provided where one hires someone to fill out and submit their annual tax returns as required by CRA.
Tax-Reclaim or tax recovery refund service is an internal tax audit tool which helps taxpayers to review and amend their tax return that goes as far back as 10 previous years. Through the adjustment process, taxpayers can find many tax credits they may have missed or failed to claim in previous filings. Once identified, these credits can be amended for a reclaim refund..