Statistics Canada has been asking several banks for information on the financial transactions of many Canadian hous… https://t.co/B3Eg2c793L
Have you been selected for an audit or review? Here are some tips in dealing with the CRAin Tax Advice Information and Updates
So if you have been contacted by the CRA for the purposes of a review or an audit, here are some tips that will make the audit and review process easier.
1. The first and most important thing you can do is call for help. Do not try and do it alone. Have someone who has knowledge in taxes and CRA policies and procedures on your team.
2. If CRA calls you, do not answer any questions. Request a letter outlining the information the CRA requires and the contact information of the auditor requesting the information.
3. We cannot stress this enough – do not give your original documents to the CRA. They may get lost and you will be left with nothing. So give them copies and keep the originals in your possession.
4. Make sure that you review your records before presenting them to the CRA.
5. Organize your records. Separate business and personal records to ensure that the review process goes smoother and easier for everybody.
6. Respond to the CRA in a timely manner. Keep in mind the timelines and deadlines.
Remember, if you need help in dealing with the CRA, KD can help you. Our Senior Accounting Manager worked for the CRA for 15 years in all aspects of audit so his knowledge and expertise will definitely come in handy if you are in this situation.
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