Canada Revenue Agency Income Tax: audit CRA Tax Fraud
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How to Face a CRA Audit?
Did you get a letter from Canada Revenue Agency (CRA), requesting supporting documents for your Income Tax Return? It does not say explicitly that you are being audited, but actually, your return has been selected for a random audit to see compliance with Canadian Tax Laws.
CRA usually have all the information regarding your income, in their database. Because by law, in Canada every company is required to send CRA a statement at the end of the year, of taxable payments they made to all employees and/or individuals.
Sometime, your income tax return may raise a audit flag for some information, or you just might be randomly selected for an audit. It should be a matter of concern for taxpayers, if you are selected for an audit. Because you don’t know, why you are being audited. After the audit, they may re assess your tax liability and send you a bill for additional taxes with fines and interest.
If your return is done correctly and you can provide all the supporting documents, usually there is nothing to worry about. Working with CRA auditors, I have personally found them to be friendly, courteous, knowledgeable and sympathetic to taxpayers.
If you want to face the CRA audit on your own, you sure can represent yourself to CRA. In that case, the auditor knows that you are not familiar with audit procedures and policies and probably you did your income tax return with off the shelf tax software. He already has advantage against you and can overwhelm you with complex questions about your tax return and in the end, send you a new tax bill.
It is always a prudent decision to work with an experienced, professional tax advisor when being audited. This decision can mean thousands of dollars savings for you and peace of mind. Consulting with a professional can be expensive, but your return on investment is many times of the money that you will spend for the advice.
A professional tax advisor who has handled audits in the past won’t be intimidated by the CRA auditors. Also, they are familiar with CRA’s audit proceeding and can answer correctly to CRA’s complex audit questions.
We have successfully represented our clients to CRA auditors and the peace of mind our clients experienced is priceless, knowing they are in good hands to deal with CRA
Canada Revenue Agency Income Tax: Canada Income Tax IRS Tax Payer
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Pre Filled Income Tax Form for Canada
Income Tax
Canada Revenue Agency Income Tax: Tax Fraud Tax Payer Tax Rate
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Tax Audit, Here’s How it Works.
An interesting news about income tax audit came to my attention recently.
In Germany, a restaurant operator was flagged for tax audit, because his purchase of supplies did not match with the amount of revenue he was reporting.
The restaurant in a working class neighborhood of Saxony, makes larger than average schnitzels for its customers. Its giant schnitzel servings are very popular with his customers. He serves about 70 dishes a day of this lavish meal.
But according to Tax Auditors, they believe the restaurant sells 200 servings daily, based on the amount of
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Happy Thanksgiving
Today is Thanksgiving. We are expressing our heartfelt thanks to all our clients, partners, associates for a wonderful year. We hope all of you are having a magical time, with your family and loved ones, this Thanksgiving day.
While you are enjoying this day, we are doing research on current CRA activities and soon, we will post some very important information about the state of Canadian Tax and what it means for your money. You already know that payroll tax will increase from January 1, 2011. There are some more tax increase on the horizon. We will put them in detail here in coming days.
Income Tax: bank fees investment
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Banks Are Winning No Matter What
In the course of doing taxes I see many financial statement about investment and earnings. RRSP statements, Stock transactions, capital gains statements etc. Each time you do a stock transaction (buy or sell) your bank or brokerage firm takes a commission/fee out of your account. To my understanding it only takes few clicks of computer keyboard to complete any stock transaction. For that service, your stock broker will charge you any where from $100-$300.
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