August 4, 2019

Big or small fish, anyone is bait for a CRA tax review –

Taxpayers dread the possibility of getting a letter from the CRA announcing an audit or review of their return. Even more frustratingly for many, is that it is difficult to predict, who might be selected for such scrutiny. It seems to come down to a judgement call for each return, with those that are particularly sizable, or perhaps just being odd in some way, being more commonly picked for the review process. Tips to the CRA can also trigger an audit, so be careful who you talk to about your returns.

“There’s no way to prevent a review or audit. It’s more a function of how your tax return looks and the size. So if you’re driving a Maserati and you’re reporting $75,000 on your return, that won’t jive.”

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