The possibility of being audited is always there. The Canada Revenue Agency (CRA) may select you or your business at random or if there seems you misrepresented your income. It’s always important, not to throw out any recent tax returns or related documents.
If you hired a third-party company to help you file your taxes, they can offer representation. If you did you’re taxes on you home, you can represent yourself or hire sometime on your behalf. Hiring someone may be costly depending on the amount of work, but it can save you stress and time.
To reduce your chances of being audited, you should be aware of what can raise a red flag at the CRA:
You needn’t worry about an audit if you keep detailed records and don’t have anything to hide from the CRA. Learn more about your finances with Progress Group.