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Typically, you won't have to pay the balance owed until your objection has been addressed. You do have the right to contest the CRA's assessment by filing an objection. If, on the other hand, you have taxes owing, you'll be expected to pay the balance - with interest charged for late payment on top of it, and potentially fees for underreporting to boot. If it's determined that you don't owe any tax money to the CRA, then the process is over and you don't need to do anything else. "It is not unusual for the CRA to visit the offices of the companies to comb through their accounting records," Vittoratos explained What happens after an audit? Things get a bit more complicated when a business is audited. Typically the person is then given a month to collect the require receipts and send them to the CRA. When an individual is audited, "the CRA will send a letter to the individual asking for receipts for the expenses they find unusually high," Vittoratos said. Businesses that operate on a largely cash basis like convenience stores, taxis, and restaurants are likely to be audited if there's any suspicion that they're underreporting your income. Your chances of being audited also go up if you're self-employed, declaring employment expenses, or renting property. "The main causes of audits are usually overly inflated claims for certain expenses," Vittoratos told Narcity. The CRA can theoretically audit any person or business it sees fit, but that doesn't mean audits are random.Īccording to the CRA website, "the systems review factors such as the likelihood or frequency of errors in tax returns, or indications of potential non-compliance with tax obligations." Basically, if your tax return smells fishy, you might get audited. Narcity spoke with Gerry Vittoratos from UFile about what you can expect if you ever get audited by the Canada Revenue Agency (CRA). It's probably more stressful than filing your taxes!īut it doesn't have to come as a surprise.
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#CANADA REVENUE AGENCY CRA PROFESSIONAL#
Having a team of people meticulously checking your personal or professional finances, searching for any mistakes or inconsistencies, can be nerve-wracking for anyone. If you need to contact the CRA regarding your taxes, there are a variety of ways to do so. Let's be real, going through a CRA audit sucks in the best of circumstances.