You’re going to want to save this post and share it with your friends because I’m going to tell you the top five red flags that the Canada Revenue Agency (“CRA”) uses to select YOU for an audit.
1. Overstating your business expenses;
2. Understating your income;
3. Claiming 100% business use of your personal vehicle;
4. Claiming large charitable donations; and
5. Having a hobby business.
This is not an exhaustive list but these are the most frequent red flags that will get you picked for a tax audit.
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