No More Sworn Testimony, But Audits Are Still Stress Inducing

“That” Phrase: it’s one no taxpayer wants to hear – digitally or otherwise. “You’re being audited.” If you’ve had to deliver that news you’ll know that the reaction can range from indignity to shock to panic. Based on the latest piece of legislation before Parliament, you might have to tell more of your clients to buckle up, it’s going to be a bumpy ride. CRA will now have greater powers. Consider this:

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On January 17, 2014, CRA announced a new Registration of Tax Preparers Program (RTPP) under which it intends to have all tax practitioners register and be assigned a new PIN number so that CRA can target those with high error rates and intervene with “pre-assessment” visits to promote accuracy during tax season.

The Tax Court of Canada recently provided a favorable ruling in a case that allowed a business to claim input tax credits for amounts of GST already recovered from suppliers through credit notes.