What Happens if CRA Audits Your Business?
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Every business owner dreads a Canada Revenue Agency audit. It’s not necessarily a fear of being caught doing anything wrong, it’s about the hassle and not knowing what to expect. Here’s a quick guide to help you prepare for what can be a trying time if CRA takes a close look at your finances and other records.
One thing to realize is that they are looking not only at whether you are obeying all the tax laws, but also applying any tax laws correctly.
So, if you’ve been selected for a business audit – why did they choose you?