You are more experienced now, your bank account is larger, and it is easier to think further ahead.
A letter arrives from Canada Revenue Agency (CRA). You are being audited. Panic ensues as you wonder what you did wrong and why the CRA is targeting you. 'There must be bigger fish to fry,' you might say to yourself.
The first thing you need to do is relax and take a few deep breaths. If you have a qualified tax advisor on your team, you have nothing to worry about. If you don't, now is a good time to contact a professional tax planner to review your returns and assist you with the audit.
Unless you have filed your tax returns with gross negligence or displayed willful non-compliance, you are not in any 'real' danger from the taxman. At the same time, no one wants to pay additional taxes and penalties due to an oversight. That's why tax planning is so critical. Instead of scrambling for deductions to reduce your taxes at the end of the year, set a plan with a financial advisor at the beginning of the year. When you plan ahead, facing a CRA audit can be a breeze.
How to prepare for a CRA tax audit:
A qualified tax planner can provide expert advice when it comes to audits from the Canada Revenue Agency. They are also an important component of a quality financial plan. Their goal is to aid you in keeping the wealth you have earned and provide assistance in estate and financial planning. As for the field auditor, they likely won't stay long when they find out you've used the services of a qualified tax specialist.
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