Comments on: How not to freak out during a Canada Revenue Agency audit http://www.productionheads.com/2009/02/335/ Tue, 13 Jul 2010 07:33:21 +0000 hourly 1 http://wordpress.org/?v=3.0 By: clarence http://www.productionheads.com/2009/02/335/comment-page-1/#comment-2601 clarence Tue, 15 Jun 2010 04:09:27 +0000 http://www.productionheads.com/?p=335#comment-2601 Is there any hope for me? I am in the process of being audited for the last three years. I have most of my receipts for 2008 and 2009 but I have had most of my receipts destroyed when our basement flooded. These were the receipts for 2007. I have a small home business. The receipts were for a lot of work we had done on our home business, repairs etc.. I tried contacting some of the suppliers but many say they can't get my major purchase proofs from 2007. Even Home Depot only goes back 18 months. Any suggestions? Thanks Is there any hope for me? I am in the process of being audited for the last three years. I have most of my receipts for 2008 and 2009 but I have had most of my receipts destroyed when our basement flooded. These were the receipts for 2007. I have a small home business. The receipts were for a lot of work we had done on our home business, repairs etc.. I tried contacting some of the suppliers but many say they can’t get my major purchase proofs from 2007. Even Home Depot only goes back 18 months. Any suggestions? Thanks

]]> By: James Bell http://www.productionheads.com/2009/02/335/comment-page-1/#comment-72 James Bell Mon, 23 Feb 2009 03:34:12 +0000 http://www.productionheads.com/?p=335#comment-72 Yeah, it's extremely important to keep everything in order...and also be in contact with a good accountant if you can't handles this stuff yourself. I was personally in DEEP, DEEP trouble with CRA and had little way out because I wasn't organized and had no clue what I was doing. After years of trying to deal with issues regarding it - I simply went and had a talk with an accountant that not only saved my bank account, but gave me a piece of mind that it's not nearly as stressful or complicated when you make sure to keep tabs. Yeah, it’s extremely important to keep everything in order…and also be in contact with a good accountant if you can’t handles this stuff yourself.

I was personally in DEEP, DEEP trouble with CRA and had little way out because I wasn’t organized and had no clue what I was doing. After years of trying to deal with issues regarding it – I simply went and had a talk with an accountant that not only saved my bank account, but gave me a piece of mind that it’s not nearly as stressful or complicated when you make sure to keep tabs.

]]> By: Adlynn http://www.productionheads.com/2009/02/335/comment-page-1/#comment-70 Adlynn Sun, 22 Feb 2009 22:32:59 +0000 http://www.productionheads.com/?p=335#comment-70 As a previous agent at CRA. All I can say is CRA agents are there to help taxpayers in any way they can so even if you are "randomly audited" do not panic. CRA agents are just normal people like the ones you meet picking up a latte at Starbucks. The only difference between them and us(taxpayers) is that their job consists of upholding and administrating the laws of the federal government that our members of parliament enforced. There is no need to feel overpowered by the job they have. If for some reason, you are unable to obtain all the financial information requested on hand, just let them know and give them an approximate time frame of when you can perhaps obtain the information (ofcourse you try to obtain them within their deadline though). Like Kenji said, it is very important to keep in track of all the financial side of you income for atleast five years because our tax system is a self-assessment system; you are responsible and liable for filing your taxes. Take note that they do have the authority to reassess/audit your taxes within the last four-five year period. Lastly, it's very very important you know exactly what you are filing instead of filling up the spaces on the T1 and T2 returns. As a previous agent at CRA. All I can say is CRA agents are there to help taxpayers in any way they can so even if you are “randomly audited” do not panic. CRA agents are just normal people like the ones you meet picking up a latte at Starbucks. The only difference between them and us(taxpayers) is that their job consists of upholding and administrating the laws of the federal government that our members of parliament enforced. There is no need to feel overpowered by the job they have. If for some reason, you are unable to obtain all the financial information requested on hand, just let them know and give them an approximate time frame of when you can perhaps obtain the information (ofcourse you try to obtain them within their deadline though). Like Kenji said, it is very important to keep in track of all the financial side of you income for atleast five years because our tax system is a self-assessment system; you are responsible and liable for filing your taxes. Take note that they do have the authority to reassess/audit your taxes within the last four-five year period. Lastly, it’s very very important you know exactly what you are filing instead of filling up the spaces on the T1 and T2 returns.

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