Tax Tip - Small and medium business audits: What you need to know
Most taxpayers comply with the tax laws in Canada, but some don't. That's why audits are an important part of the Canada Revenue Agency's (CRA) range of activities that are in place to make the tax system fair for everyone.
The CRA recognizes the economic challenges that have resulted from the COVID-19 pandemic and the effect that the audit process can have on businesses. For this reason, we continue to proceed carefully to protect businesses and the broader economy that remains vulnerable due to the pandemic.
The CRA has information to help answer your questions about the audit process. The information below also applies to audits of COVID-19 subsidies.
Article Written By: NA
Original Article Posted on: March 7, 2022