CRA Audits: What to do (and what not to panic about)!
About this episode
This episode discusses the CRA audit process, including what to expect and how to respond effectively.
Being audited by the CRA can feel stressful, especially with audit activity on the rise. In this episode I walk through what a CRA audit actually looks like and what to do if you or your client receives an audit request, including: [2:00] How audits are triggered (including the difference between a full audit and a limited review) [3:00] Limitation periods, and the basics of what to look for in an introduction letter [5:10] what the CRA is entitled to ask for, and how to respond in a way that’s organized and strategic. [6:55] Common concerns about electronic records [11:35] Solicitor‑client privilege [16:05] Deadlines, and how audits typically come to an end. This episode is for business owners, advisors, and anyone who wants to understand the audit process without panic. RESOURCES DISCUSSED ON THIS EPISODE: Tax Lite CRA Info Bulletin on Audits HERE ARE SOME OTHER WAYS TO CONNECT WITH ME: My website! Email: thetaxchickpodcast@gmail.com @tax.chick (IG) LinkedIn Be a "Tax Chick VIP"
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