HOW THE CRA DECIDES WHOM TO AUDIT ?
Вставка
- Опубліковано 12 лип 2024
- When it comes to filing your taxes, not many things are more fright-inducing than the idea of being audited by the Canada Revenue Agency (CRA).
While there is no full-proof way to avoid a CRA Audit, you can manage the risk by educating yourself on how CRA decides who to audit.
The information provided in this video is intended to contain general information. The data does not take into account your situation and is not designed to be used without consultation from accounting and financial professionals.
Cloudiverse CPAs will not be held liable for any problems that arise from the usage of the information provided on this page.
Contact us today 1-844-466-5922 (I.e 1-844-4ONL9CA); Website : www.cloudiverse.ca aman@cloudiverse.ca; ling@cloudiverse.ca; gagan@cloudiverse.ca.
Please visit our website for more money-saving tips -www.cloudiverse.ca Get Free Ebook-Tax Tips for Small Business Owners -www.cloudiverse.ca/bookshop/
What was your biggest takeaway from
my video? Comment below.
Also, you can comment on any questions
you have for me.
I might feature your question
in one of my next videos.
Don’t forget. Like. Comment. And subscribe.
Another excellent video. Very knowledgeable. Excellent points covered.
This is quite helpful & has given me a solid relief :) thank you!
Hi Mel, I am glad you liked the video; please share; and subscribe to my youtube channel for more valuable tax tips and tricks. Cheers
CRA tried auditing me & then screwed up their own audit taking me 10 years of fighting it to get them to correct their mistake.
they asked me to fill out a form t2125(statement of business expenses) in 2013 after I filed my taxes which I filled out & submitted. THEN they re-filed my taxes without telling me and when doing so they failed to include low income benefits like WITB which would have provided me with a tax return but they told me I owed them which was actually wrong but they took thousands away from me anyway from future tax returns as it took me 10 years to get them to correct their mistake... ANY of the agents I talked to on the phone should have noticed right away that I was low income & eligible for benefits.... and THEN after THEY penalized me for THEIR mistake, they didn't penalize themselves for taking my tax returns for 10 years... effectively stealing...
thank you!
I was an CRA auditor for years. The biggest consideration by CRA although they do have to keep the appearance of randomness at times, is the eventual collectibility of the debt. They put a higher wait to those that own a house and have assets that will make the collectibility of the debt possible than those with no assets. There algorithms were designed that way. They do not like wasting an auditors time through audit costs if the likelihood of collectibility and bankruptcy will negate collections.
You have a very valid point. Thanks for your feedback and input.
CRA has an extremely sophisticated system to catch anomalies arising from income tax returns filed every year. Net worth assesment method has been in use by CRA for many years to catch those who reported little or no income but yet they had the means to support their life styles. The CRA Networth Assessment Method has been acceped by the Tax Court of Canada as a reasonable tax re-assessment model.
Interactive Online: what you wrote is nonsense.
@@sktoh4469 No it's accurate!
Does the CRA often send demand to file to people who haven’t filed and who have no assets? I’m worried about a couple years I didn’t file
I got an offer from CRA as tax auditor
And I accepted it . How’s the work?
Congratulations Meethil. Sorry, I am not qualified to comment on working conditions at CRA as a CRA auditor as I never worked as CRA auditor. Thanks
@@CloudiverseCPAs I worked for CRA as an auditor for over 10 years. The work is very independent and challenging. The fiscal period starts on April 1 and ends on March 31. During the fiscal period, you must produce 19 audits files, or 100 working hours per file. A lot of auditors end up taking work home on the weekends just to catch up on their production starting in November each year. If you happen to fall off the target of 19 files for a particular fiscal year unless you have legitimate reasons; otherwise, you would be placed on probation for one year during your annual performance review, and if you have repeat performance problem again the next year. You will be fired!
@@kaml.7341 Thanks so much for sharing your experience as a CRA employee.