Top 5 Things to Attract a CRA Audit
The question of “How does Canada Revenue decide on whom to do a CRA audit” has been asked many times. What are the key items which CRA can look for?
While we can never predict who will become the next target for a trust exam or CRA audit, a professional bookkeeper should know the general rules how to AVOID them.
We deal with CRA on a weekly basis, and we get to see some trends around how they interact with our clients. Generally speaking, the following actions seem to get their attention:
The best rule of thumb is to make sure you are are fully compliant with CRA’s rules and expectations. There are no guarantees but by not raising any flags you’ll stand a much better chance on avoiding that dreaded CRA Audit. Using a professional bookkeeper will ensure that you are doing it right!
My particular favorite site on audits, by the way, is this one. Full of great information!