Estimated Sales by CRA
Estimated Sales by CRA: Audit File Selection & Assessment In an attempt to identify unreported revenue, CRA and Revenue Québec may compare a business’ reported revenue to what would be expected given the business’ level of purchases. The analysis is based on industry-specific profit and revenue ratios. In a January 31, 2022 French Court of…
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Auditing Old Tax Returns
Auditing Old Tax Returns: CRA Abilities and Limitations CRA may reassess the tax returns for CCPCs and individuals within three years from the sending of the notice of assessment. Returns for which this three-year period have expired are commonly referred to as being “statute-barred.” However, CRA may reassess a return beyond this period in certain…