The completion of tax filing doesn’t guarantee that you won’t have to see hide nor hair of the CRA for the rest of the year. In fact, you just might be surprised that they’ll pop right back into your life.
Did you know that the CRA assessed 13.4 million returns between mid-February and May 9th and about half of the returns that it processed in 2012? The approximate refund amount is $1617. They would have probably given you your tax return back in several days. Apparently, the CRA pays those refunds in accordance to what you filed. They often double check it, though.
We’re going to show you some of the things that might actually draw the CRA’s attention to you, with their tax audit.
Having your very own business is a reason that the CRA may want to investigate you so that you can declare everything that you are making.
If there are any major things that have changes, the CRA may query if you have any proof of the change or if there was a mistake made in the records.
If the CRA notices that there have been recurrent losses in your business, but that there is a possible profit where the loss can offset other income, they may take another look at you.
Very large expenses may cause the CRA to question your filed taxes.
Most industries have a norm that businesses submit to and if the CRA notices that you are going against that norm, you may be re-evaluated by the organization.
By being involved in programs like donation schemes, tax shelters and other aggressive tax planning, you will gain the attention of the CRA and you will most likely be audited.
By claiming over 10% or 15% as home office expenses, you’re going to be attracting the CRA’s attention.
If you are looking for a professional accountant to do your taxes in Canada, then you have come to the right place as we are tax experts in Kingston Ontario and we can help process your income tax return quickly while maximizing the tax return you will receive. Our decades of income tax filing experience can help you with your personal and business taxes in Kingston. Remove the headache from taxes and let our skilled tax consultants handle your accounting and bookkeeping to process smooth tax returns for you. Precise, Accurate Instant Tax Refunds Since 2002.
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