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Blogs tagged with tax audit

Banking on CRA Debt Forgiveness? You’ll be Disappointed

A few months ago we reported on the most recent report on the Canada Revenue Agency’s Voluntary Disclosure Program. This week, with the tax filing deadline just weeks away, we thought we’d revisit this issue in the hopes of offering those of you fearful of a tax audit some assistance.…

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Tax Audit Triggers – How Your Behaviour May Lead to Problems

The dreaded CRA tax audit – a reality that most never want to have to deal with – and most won’t have to. However, every year the CRA conducts thousands of audits, some chosen at random, but most selected based on information provided (or not provided) by you, the taxpayer.…

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5 Tips for a Headache-free Tax Audit

It has happened. That thing that you never thought would happen to you. It is stressful and time consuming and a downright pain. What are talking about? The dreaded tax audit. If you’re in this situation, wondering how this happened and what to do about it, don’t fret; we are…

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The Tax Audit Process and the Importance of Good Audit Support

So you received either the dreaded phone call or brown envelope from the CRA announcing that you have been selected for an audit – not the best of days but all is not lost.  This is definitely not a “do-it-yourself” type of situation.  The stakes are far too high.  Hiring…

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Tax Slips – The CRA Knows More Than You Think

Every time you receive a tax slip, the issuer sends a copy to Canada Revenue Agency (CRA).  So just because you don’t report your income, whether it was taxed or not, does not mean that the CRA is not aware of it. These tax slips are issued for employment income,…

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How a Single Business Tax Audit Causes a Chain

Tax audits are very common in Canada and many wonder how they get triggered. Well, the CBC looked into it last year and reported some very interesting information. According to Canada’s top auditor, Michael Ferguson, the CRA tends to investigate those files which have a higher probability of a return…

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