As per the Canadian self-assessment system, certain reporting requirements are mandatory. Although the CRA can scrutinize a taxpayer’s return at any point, it typically has a period of three to four years to do so before issuing a notice of assessment, reassessment, or additional tax, interest, or penalties. The period for reassessment usually commences after the initial notification of assessment is dispatched. However, in cases where a taxpayer made a false statement in their return due to negligence, carelessness, or deliberate misconduct, or if the taxpayer issued a notice of assessment, reassessment, or additional assessment, the CRA is often permitted to take action even after the assessment period has elapsed.