Self Employed Audit Ready Books

Image Index for CRA Tax Audit & Issues

By L.Kenway BComm CPB Retired
This is the year you get all your ducks in a row!

Edited May 8, 2024 | Published May 2, 2024

Quick Links
The Audit Process | The Solution | Records and Data | Areas CRA Audit Regularly | Proper Rates Used?

The Audit Process

Receiving a Tax Audit Notice

Small Business Insight on Taxpayer Rights

Is Voluntary Disclosure the Right Move?

The CRA Audit Process

The Solution - Audit Ready Books

Create a CRA Audit Trail

Where to Start

Records and Data

Feeling zen after getting all your ducks in a row

Record Retention Guidelines

Electronic signature on a business contract

Data Storage Considerations

Areas CRA Audits Regularly

Cash Transactions

Independent Contractors

Incorporated Employees

Mileage Logbook

Spousal Loans

Use of Non-Business Travel Rates

Invoices & Receipts

Input Tax Credits

Auto Expenses

Proper Rates Used?

Capital Cost Allowance

Prescribed Interest Rates

Auto Allowance Rates

More Audit Articles

7 Key CRA Mileage Log Requirements | Don't Lose Your Tax Deduction
The Canada Revenue Agency (CRA) requires meticulous tracking of mileage for the purpose of business deductions. Here are 7 key mileage log requirements.
Taxpayer Bill of Rights | Insight into Small Business Rights
The impact of the Taxpayer Bill of Rights on small businesses levels the playing field; allows small business to understand their obligations, defend their ...
Can CRA Forms Be Electronically Signed | Form T183
Can CRA Forms Be Electronically Signed? It is the taxpayer's choice to sign traditionally or electronically. Accepted forms are T183, T21...
Company Owned Vehicles | Canadian Taxable Benefits
Should employees have a company owned vehicle? What are the compliance implications for the employer? What are the personal tax implications for the employee?
Responding to a Tax Audit Notice | Steps to Follow
Practical steps to follow on responding to a tax audit notice. Discusses how to file a notice of objection, misconceptions, bookkeeping tips to ease the pain.
Understanding Tax Audits in Canada | Amending a Tax Return
Reduce your fear of tax audits in Canada by understanding the process. It's your responsibility whether your return was prepared by a professional or not.
Canadian Prescribed Interest Rates | Shareholder Loans
Quarterly prescribed interest rates issued by CRA for overdue & overpaid taxes and taxable benefits. Spousal interest payments are due annually by January 30th.
What is a CRA Audit Trail | Why You Want One
A CRA audit trail provides protection in the event of a tax audit. It can also protect your business against fraud or a dispute ...
What is Capital Cost Allowance (CCA)? | Common CCA Rates
Find out what is capital cost allowance and why you may not want to make a full CCA claim on your tax return every year. Learn more ...
Is Voluntary Disclosure the Right Move? | Unfiled Taxes in Canada
In dealing with the Canada Revenue Agency (CRA) over unfiled taxes, small business owners may wonder if voluntary disclosure is the right move.

I developed this site's content as a reference guide (I use it myself) based on my professional experience. While I strive for accuracy and completeness, this information is general in nature and should not be considered professional advice. I cannot be held liable for errors or omissions. Please consult qualified professional advisors before acting on any information found here. Review my website's Terms of Use and Privacy Policy before relying on any information. Note: This website (bookkeeping-essentials.ca) is NOT associated with Bookkeeping Essentials Ltd. operating in Bonnyville, Alberta.