News and Media

2016 Fall Reports of the Auditor General of Canada

2nd December 2016


Report 2—Income Tax Objections—Canada Revenue Agency

Canadian taxation is based on a system in which taxpayers prepare their own tax returns. This system is guided by fiscal laws, including the Income Tax Act. After taxpayers file their tax returns, the Canada Revenue Agency assesses the returns and may make changes to them.

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CRA's Handling Of Income Tax Objections Criticized

2nd December 2016

The Canada Revenue Agency (CRA) does not process income tax objections in a timely manner, according to a new report by the Auditor General.

The Office of the Auditor General conducted an audit into whether the CRA was efficiently managing income tax objections. It considered the time it takes the CRA to provide taxpayers with decisions on their objections. It looked at where processing delays occurred, and, in the case of income tax appeals, how the Agency used and communicated information on court decisions.

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CRA business audits: Why hiring a chartered accountant is advisable

1st December 2016

The Canada Revenue Agency (CRA) states on its website that it conducts tax return reviews each year to “promote awareness and compliance with the laws” that the CRA administers. The agency also makes it clear that if your return is selected for a review, “it does not represent a tax audit.” However, business audits are another matter. In the case of a business audit, the CRA scrutinizes the books and records of small and medium-sized businesses to ensure that tax laws are adhered to properly, that the businesses obey their responsibilities, and that the businesses receive the correct tax returns to which they’re entitled.

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CRA plans ‘lifestyle audits’ in Vancouver as part of real estate probe

18th July 2016

An investigation by Canada Revenue Agency into Metro Vancouver’s soaring real estate market is expected to bring under scrutiny people whose lavish lifestyles and expensive homes don’t appear to be in line with their incomes.

The CRA’s plan, described in a briefing document leaked to The Globe and Mail, indicates that one key area of investigation will be “lifestyle audits.”

Christine Duhaime, a Vancouver lawyer who specializes in financial crime and anti-money laundering law, said that means the CRA is going to take a close look at individuals who seem to be living far beyond their means.

 

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