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All items tagged with: CRA audit

Tax Season 2018: Your Advice Starts Here and Now

Posted: May 01, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Financial Literacy, knowledge bureau, Evelyn Jacks, tax filing, financial education, tax preparers, CRA audits, Knowledge Journal, Dean Smith, tax audits, Federal Budget 2018, CRA service, audit-proof returns, Canadian taxpayer, T1 returns, financial skill development, CE credits for advisors, tax updates

Tax and financial advisors are in agreement—the Canada Revenue Agency’s audit practices are more aggressive than ever. Now that the deadline has passed for filing 2017 personal income tax, it’s already time to prepare your clients for success in the 2018 tax season. Knowledge Bureau offers the education and support you need to mitigate the tax-audit risks that could cost you and your clients, and maximize their benefits and deductions.

Stories from the Field: CRA Service Standards Make Progress

Posted: March 27, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Financial Literacy, knowledge bureau, Evelyn Jacks, income tax, tax courses, financial advisors, tax advisors, financial education, tax preparers, tax benefits, CRA audits, online education, Parliamentary Budget Officer, child tax benefits, claiming eligible dependents, CRA service standaards, tax claims after separation, tax claims after divorce, CRA customer support File My Return

Have the CRA’s service standards improved? Reports from tax professionals and their clients show progress this tax season. However, in light of increased audit activity, diligence and thorough documentation remain necessary - as this story from the field demonstrates – or you risk major financial consequences.

Tax Pros Confirm: CRA Increasingly Aggressive with Audit Practices

Posted: December 05, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Financial Literacy, CRA, Financial Advisor, tax credits, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, income tax, tax courses, taxpayer bill of rights, financial education, tax preparer, filing tax returns, tax deductions tax audits, taxation issues, CRA audits, tax refunds

The majority of tax and financial services professionals agree: CRA has stepped up audit activity on returns of average Canadian tax filers.  Knowledge Bureau Report’s November poll found this trend emphasizes the value that financial and tax preparers can offer to Canadian taxpayers, as they grapple with a less-than-satisfactory experience with their tax department.

What Do You Do If You’re Audited by the CRA?

Posted: October 03, 2017 By : John Tucciarone, CPA, CMA
Posted in: Strategic Thinking , CRA, tax credits, knowledge bureau, Canada Revenue Agency, tax avoidance, income tax act, Evelyn Jacks, tax evasion, taxpayer bill of rights, criminal code, Excise Tax Act, tax deductions, tax education, business expenses, CRA audit, audited by the CRA, audit process, tax laws, Canadian businesses, individual tax returns, income tax returns, income tax audit, tax write-offs, home office deductions, rental properties, tax issues, John Tucciarone, Chartered Professional Accountants of Canada

The Canada Revenue Agency completed nearly 112,000 audits during fiscal 2016-17, according to a government report on recent efforts to crack down on tax cheats. If you or your clients are chosen for an audit, there are a few best practices that can help you through the process.

KBR Poll: 65% Say Sack the Auditors…

Posted: February 06, 2014
Posted in: Strategic Thinking, Tax Planning , cra auditors, cra budget cuts

...but the remaining 35% present compelling reasons for these jobs to stay.