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Red Flags that Could Lead to a CRA Audit

Red Flags that Could Lead to a CRA Audit

10 red flags that could lead to a CRA audit

Source:  Financial Post
Author: Sigrid Forberg
Date: March 15, 2021

Typically, the tax agency will send out about 30,000 letters a year letting Canadians know they’re being audited. While that’s just a fraction of the 27.5 million taxpayers out there, you may still be sweating over what to do if you are one of the lucky few.

But being chosen for an audit isn’t as random as you may think it is.

You’re less likely to attract attention from the CRA if you watch out for these common red flags when you’re filing your taxes this season.

1. Discrepancies between your income and HST

2. Living large

3. Being self-employed

4. Car claims

5. Running a cash business

Click here for the remaining items and to read the full article.