What Classifies As A Specialty Audit?

kelowna accountantAudits have been a popular topic with readers here at Business Growth Strategies so this week we have Ken Davidson, a local Kelowna accountant, discussing the significance of a specialty audit.

A specialty audit would be a specific audit. There are a few different types but to give you an example from a few years ago, Revenue Canada decided they would audit all hair stylists. Whether or not you filed correctly or incorrectly, they decided that they felt there was a risk that hair stylists weren’t filing their taxes correctly.

Specific Transactions & Audits

Another type of specialty audit… Continue reading

Do I Need An Accountant For An Audit?

Kelowna accountantKelowna accountant Ken Davidson discusses when you need an accountant when being audited by Revenue Canada.

If Revenue Canada (CRA) has decided to audit you, you should definitely be using your advisory team. If you are not experienced with accounting, you should not be going it alone. I’m not a contractor so I don’t go and build my own house, if you know what I mean.

Don’t fight your own battle when it comes to taxes and audits but there are some things to consider when making the right judgment. Sometimes the numbers don’t make sense to hire a tax… Continue reading

Explaining Audits in Canada: Statute of Limitations

statute of limitationsIf the CRA is assessing an older year of yours that is closely approaching the end of the assessment term, you may receive a request to surrender your right to the Statute of Limitations if you need some additional time to provide CRA with all of their requests for information.

If you don’t sign it, that means Revenue Canada has to act quickly to assess it, otherwise they run into the Statute of Limitations. If you sign it, you are giving up your right to using the Statute of Limitations as a reason why their assessment might be wrong in… Continue reading

BC Small Business Guide To Being Audited

Kelowna AccountantKelowna accountant, Ken Davidson, offers advice for small businesses that are being audited.

When the time comes that Revenue Canada wants to conduct an audit on your business, you want to make sure you have all your ducks in a row. It can be a daunting task for your business but it can run smooth, as long as you have kept a decent paper trail and understand what type of audit is being conducted on your business.

Revenue Canada can request additional information and audit you up to 3 years after any claim is filed and you have 30 days… Continue reading

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