Canada Revenue Agency Audits to Resume in September | How to Prepare

Beginning in March 2020, many audits performed by the Canada Revenue Agency (CRA) were paused or suspended as our government adapted to the COVID-19 pandemic and focused energies on supporting Canadians through economic uncertainty.

In July 2021, auditors began to communicate that work on these files would resume in September this year. If the audit of your business is upcoming, or you’re curious about how to prepare your business for a potential audit by the CRA, here’s how to get ready:

  1. Maintain organized financial records and reconcile your financial statements
  2. Ensure bookkeeping is completed on a regular basis – monthly or at least quarterly – and that all transactions are categorized and calculated correctly
  3. Understand what types of questions may be asked as part of an investigation and review CRA’s Criminal Investigations Process to prepare
  4. Consider filing a Voluntary Disclosure to protect yourself from potential financial penalties and to avoid undue stress
  5. Work with us to make sure your records and files are accurate and orderly to help make the auditing process as efficient and simple and possible

 

KWB offers business owners accounting and financial services related to bookkeeping, year-end financial statements and tax returns, and strategic advisory support, all with an emphasis on increasing efficiency to save you time and energy while growing your profit and cash flow.

Learn more about how we can help you simplify your accounting processes, strengthen your business, and achieve the lifestyle and business you dream of at www.kwbllp.com.

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KWB strives to keep our clients informed of news that could affect their business and livelihood. To become a KWB client, visit www.kwbllp.com or call us at 780.466.6204.

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