Tag Archives: Audit

10 Red Flags that could Cause the CRA to Audit You

The Canada Revenue Agency (CRA) sends around 30,000 letters every year letting people know that they’re being audited. While this is just a fraction of the 27 million people who file their taxes, you shouldn’t assume that getting an audit notice is completely random. Your chances of getting audited decrease if you keep an eye…
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CRA Notifications – What you need to know

Today we’re going to take a look at the following notifications sent by the Canada Revenue Agency (CRA). Request for InformationNotice of AssessmentNotice of ReassessmentAudit 1. Request for Information This notification means that the CRA would like to see proof of something which was on your return. Some of the most common information requests are…
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What is the Right Level of Assurance for your Business

There are three types of reports that can accompany a business’s financial statements. The purpose of these reports is to assure the reader that the statements are free from material misstatements. These are An Auditor's ReportA Review Engagement ReportA Notice to Reader or Compilation Engagement 1. An Auditor's Report The goal of an auditor’s report…
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