Did you know the Canada Revenue Agency (CRA) pays closer attention to cash businesses such as construction or hospitality? They also look at businesses whose margins or incomes are not within the norm for their industry. The CRA will also look more closely at taxpayers who claim rental or business losses.
Many taxpayers are simply chosen at random for an audit. The CRA also has its Compliance Measurement Profiling and Assessment System (COMPASS), a sophisticated automated tool that looks at over 300 factors in evaluating the relative risk level of self-employed individuals and GST registrants.
FBC Audit Representation
As a tax specialist providing small business accounting services and business consulting, we offer Audit Representation to our Members:
In this eBook, we outline 6 ways to avoid the attention of the CRA. Download your copy today.
We deal with the CRA on your behalf so you don't have to.
We negotiate with the CRA on your behalf to ensure any past discrepancies are dealt with and you come to a resolution.
You don’t even have to talk to the CRA directly - we’ll handle everything!
Want to learn more? Book an appointment with FBC today.