Fear Free Taxes: Never Worry About an Audit Again

by Craig Anthony

0 min read

Audits are a normal part of business. The Canadian tax system is based on self-reporting and part of the Canada Revenue Agency’s mandate is to make sure all taxpayers are reporting truthfully and accurately. As such, the audit process is not to be feared as long as you keep good books and records.

Audits can be as simple as a written request for documentation or involve a visit to your business by a CRA auditor. In either case, you should treat the matter seriously, but there is no reason to panic. Be truthful, polite, and supply the requested documentation, and all should go well. If you don’t understand a request, clarify it with the auditor. Do not answer what you think the CRA wants to hear; you may do more harm than good.

References & Resources

Related Articles

Are Canadian Businesses Subject to Canada Revenue Agency Audits?

Any Canadian business can be audited by the Canada Revenue Agency. An…

Read more

What’s Changed in the New QuickBooks

The new QuickBooks Online bookkeeping software has gone through quite a few changes. As…

Read more

Using the CRA's New LOI and LOAR Programs to Assist Your Clients

The Liaison Officer Initiative and Liaison Officer Assistance Request programs help small…

Read more