When a CRA Audit of Your Net Worth Can Lead to Criminal Charges
The average person might assume a CRA audit begins with a single issue, an overstated deduction, a late return, or missing receipts. Many audits start quietly, however, triggered by data analytics, lifestyle discrepancies, or financial patterns that don’t add up. Once...
Understanding Canada’s Underused Housing Tax
Owning a home in Canada has always carried financial responsibilities: mortgages, upkeep, insurance, etc., but lately, it also carries new obligations that many people never saw coming. Housing has become a lightning rod for policy, economics, and politics, and tax...
Common Misconceptions About Tax Audits
The words “tax audit” often evoke a sense of fear and uncertainty among taxpayers, leading to a myriad of misconceptions and myths about the process. In Canada, the tax audit system is designed to ensure compliance and fairness in the tax system, yet many...
CRA Audit Triggers: What Triggers a CRA Audit?
According to the CRA’s web pages on audits (there’s one for individuals and one for businesses), “The CRA’s risk-assessment systems identify tax returns that are considered to be at high risk for non-compliance.” In other words, the likelihood of tax reporting...
