The CRA matches every entity’s tax returns with T-slips to verify their authenticity. If you haven't been reporting incomes and other information from the T-slips you receive, there’s a high chance that the CRA might identify a discrepancy between the two records.
In this case, they'll flag your returns for a reassessment. They might even ask you for additional information and proof. Start reporting all information from every T-slip received to avoid a CRA audit for this reason.
Refusing to Provide Additional Information
If the CRA demands an explanation, additional information, or documented proof about a particular aspect of your tax return, don't refuse. Please provide them with everything you have to support your returns, such as logs, schedules, receipts, or any other information or document required. Refusing to provide the requested information will add to CRA's curiosity and lead them to issue a reassessment or audit of your returns.
Seek Help from Reliable Tax Accountants in Edmonton
If you need help with tax filing and compliance to avoid a CRA audit and the associated penalties and interest, get in touch with Duggal Professional Corporation.
Our expert tax accountants in Edmonton will help you optimize your tax position and identify opportunities to improve your tax savings. Our team will assess your tax returns to make sure you're headed in the right direction and only paying for what's required by the law.
If you need our help, give us a call at 780-863-2224 or fill the contact form here.
We also offer bookkeeping services, payroll services, startup planning services, and more.