May 19, 2013: Business reporter, Madhavi Acharya-Tom Yew, of the Toronto Star, wrote a useful article informing readers of the common triggers that increase the likelihood of a CRA tax audit, which are:
- Being self-employed
- Any big changes
- Recurring losses
- Big expenses
- Not blending in
- Aggressive tax planning
- Home office expenses
Dale Barrett of Barrett Tax Law advises, “If you participate in a variety of programs like tax shelters, donation schemes, any very aggressive tax planning, you will be audited, 100 per cent guaranteed. They will look into these plans eventually. It’s a matter of when, not if,” Barrett said. “Any aggressive tax planning scheme should be avoided.”
The article in its entirety can be accessed here.
