1. Reassessment by the CRA When the CRA identifies discrepancies in your tax return, they may initiate a reassessment. This process involves a thorough review of your tax filings and can lead to: 2. Penalties The CRA imposes various penalties depending on the nature and severity of the error. 3. Read more…
How to Keep Audits Away from Your Business Nobody likes audits. They’re a headache, take up a ton of time, and can even cost you money if things go sideways. The good news? Most audits aren’t random. They’re triggered by stuff you can actually control. Let’s talk about how you Read more…
How to Handle Tax Audits and Reviews in Ontario Introduction Receiving a notice from the Canada Revenue Agency (CRA) informing you of a tax audit or review can be an unsettling experience. However, it’s essential to remember that tax audits and reviews are routine processes designed to ensure tax compliance. Read more…
The new Canada Emergency Rent Subsidy (CERS) is now open for applications!This subsidy covers commercial rent, commercial property tax, insurance, and mortgage interest for businesses with a drop in revenue. What Can Your Business Get? Businesses can qualify for up to 90% coverage depending on their revenue this year compared Read more…