So, you believed that if you were a good citizen, were forthcoming with information, and were nice to CRA, that you would be OK. You believed that you would be treated fairly, but now realize that you were led to the guillotine. And now CRA wants to chop of your financial head. You have received …
GST Tax Problems are Serious, and CRA reaps some serious money in GST audits Businesses are required by law to verify that a supplier’s GST number is valid. It may be unfair to a business that pays the GST and in good faith relies on an invoice. However, the courts conclude that the legislative scheme …
The Auditor General’s Report on Timelines The Branch is working to improve timeliness. 6.31 Over the last few years, the Agency has emphasized shortening the length of time it takes to resolve an objection. Timeliness goals set by the Branch were met in over half of the cases in 2003–04 for income tax and GST …
Net Worth Audits are Incredibly Dangerous to Taxpayers! We have a serious concern about this new mandate by CRA to focus on Net Worth Audits. This is a serious game they are playing. It is now part of a regular audit to fill out a form at the end of a normal audit where an …
The most common tax traps Keeping audit-ready books, while straightforward, can seem burdensome to produce all the required documentation. Just remember that an audit is the process of eliminating business deductions! There are numerous items and conditions that an auditor will commonly look for in order to catch you. Here are the top Tax Traps …
CRA uses Risk Management to deal with notices of objection and with appeals Canadians need to be aware of the internal workings of the tax department. The CRA Agency and the departments of Finance and Justice have adopted, and are implementing, a strategy for managing the risks to the tax base in the dispute resolution …
The cost of audits has gone through the roof. It is not just the final bill but it is also the cost of compliance. The cost of handling an audit must be managed. More and more Canadians are being subjected to audits. With the economy down, the taxman’s cash flow is hurting, so be prepared. …
Tax Audit Solutions Will Make Sure That You Are Not Going to Die at the hands of CRA! Yes, you have a serious problem, but it is NOT a life and death situation. Yes, you may indeed feel like the world has fallen out from under you and that you are going to hell in …
Hire a Tax Audit Specialist to check out your audit readiness. An ounce of prevention is worth a pound of cure. You are better to learn what you need to know to prevent a costly audit disaster. Be proactive and save yourself a fortune in punitive taxes from an audit gone bad. Being audited can …
How To Avoid An Audit – There are more than 10 ways to avoid an audit! Are you afraid of a tax audit? If not, then you are either audit ready or have never been through the stress and huge cost of an audit. In today’s Canadian small business world, if you are in business, …