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So you’re business has been selected for an audit. What now? The Canadian Revenue Agency (CRA) has two reassessment tools that could affect your tax return, a desk audit and a standard audit. A desk audit means you will get list of questions you need to answer and submit back. A standard audit is one in which a representative will come into your business / premises and conduct the audit.
Throughout any audit, a CRA representative will investigate factors such as income, credits, deductions and supporting claims. The CRA uses a number of ways to select an income tax return for an audit. Random selection, comparison of information returns, information received from third-party sources or deductions and credits claimed could all be reasons for the CRA to perform a formal tax audit. The audit process generally consists of the following steps:
Navigating through the audit process can be daunting. Contacting your professional accounting or tax advisor could be of incredible benefit to helping you reduce stress and minimize your tax bill. To learn more about tax controversy and what you can do to educate yourself on how to effectively navigate through an audit, contact Loren Kroeker.
Related Topics:Tax Controversy
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