What is a business audit?
During a business audit, the CRA reviews the records of a business to assess compliance with tax rules, including income tax, GST/HST, and other obligations. Following a business audit, the CRA may issue reassessments to increase tax payable.
What is a trust examination?
A trust examination is a smaller subset of a business audit which only looks at payroll remittances/employee benefits and GST/HST.
What is an employer benefit audit?
During employee benefit audits, the CRA reviews whether or not an employer is correctly calculating their employees’ income for payroll and income tax purposes, particularly with respect to non-cash benefits.
What are some triggers for the CRA to conduct an audit?
CRA does not release its list of audit triggers, but common audit issues are GST/HST refunds, foreign tax credits, low profit relative to one’s industry, and amended returns.
What can I do if I don’t agree with the results of an audit?
If you don’t agree with the conclusions as outlined in the Notice of Re-assessment, you have 90 days to file a Notice of Objection which is a type of internal appeal of these findings within the CRA.
