In recent years, the Canada Revenue Agency (CRA) has increased its audit activity, making it more common for Canadians to receive review or audit letters. These notices can be stressful, often requiring recipients to verify or provide additional information regarding their taxes. While an audit is a routine part of the CRA’s work to ensure tax compliance, it can be complex and time-consuming, particularly if you’re unfamiliar with tax law or unsure how to respond effectively.
When you receive an audit notice, it’s important to respond promptly and provide the requested documentation. Audits vary in complexity, from simple reviews to comprehensive examinations of income, deductions, and credits. Common triggers for audits include large or unusual expenses, self-employment income, or discrepancies between income filed and reported by third parties. Understanding why you might be audited can help ease anxiety, but even so, audits require careful attention to detail.
Professional assistance can be invaluable during an audit. Working with a tax professional ensures that responses to CRA requests are accurate, thorough, and timely, which can help avoid additional scrutiny or potential penalties. We are here to provide our expertise, guiding you through document organization, response preparation, and liaising with CRA agents, so you can focus on what matters most to you.
If you’ve received an audit letter from the CRA, don’t face it alone. Let our team support you through the process and bring peace of mind to an often stressful experience. Contact us to discuss how we can assist with CRA audits and keep your financial well-being on track.