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Blogs tagged with tax audits

Legitimate Donation or Fool’s Gold? The Current State of the Global Learning and Gifting Initiative (GLGI)

Tens of thousands of Canadian taxpayers bought into the GLGI tax shelter and unfortunately for them, this had led to thousands of tax audits, objections and, in many cases, tax court appeals. After several years of audits, objections and now appeals before the Tax Court, the CRA has recently begun…

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Restaurant Owners with Point-of-Sale Terminals (P.O.S.) Look Out!

The restaurant business has long been an industry that the Canada Revenue Agency monitors for possible tax evasion schemes. As all restaurant owners and their advisors know, it can be an incredibly difficult industry to compete in and underreporting of sales is very common.  More recently, many restaurants have had…

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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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