Every year, CRA chooses new criteria for what they will focus their auditing efforts on. Taxpayers and businesses who meet the criteria they choose are more likely to be audited.
For the 2015 tax year, CRA will be looking more closely at individuals and businesses who:
- claim business losses multiple years in a row,
- claim rental losses multiple years in a row, or
- are employees claiming employment expenses.
This month, CRA will send intent-to-audit letters to about 30,000 individuals and businesses who fit in one or more of these groups.
If you receive one of these letters, or if you fit into any of those three groups, you can prepare yourself by getting professional help with your tax return.
You can call Canwest Accounting at 250-388-4094, and speak to Sharlane about how to best prepare you for a potential audit.
We’ll work with you to make sure your records are complete and accurate; so if CRA comes knocking, you’ll be ready!