March 26, 2019

Many Canadian SMEs face taxing problems

Many small businesses can find themselves the subject of a CRA audit, especially if they are in certain industries or take a lot of payments in cash. Even companies that are the most compliant will lose time and money because of an audit. Because of the possibility of an audit, businesses such as restaurants that deal with cash should consider legal expense insurance or work with an accounting firm who know your business and have access to these specialists.

Key Takeaways:

  • In Canada, there are many mid-sized businesses that get audited by the CRA, but precisely how the CRA determines which businesses will be audited is understandably kept under wraps.
  • Some sectors are more likely to face an audit than others, especially in industries that are known to be less compliant.
  • It’s important to have a specialist and accounting professionals to work with you until the conclusion when you’re going through an audit.

“For many business owners, the stress of facing a CRA audit is as much about the additional work as the possibility that auditors might actually find something amiss.”

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