A Tax Audit can be a scary experience for any individual and chances are you WILL experience an audit at some point in your business. I’ve been through my own audits, and have helped numerous clients through theirs. In today’s video, I am excited to share a few tips & techniques to guide you through it, and a few things you can do to try and help prevent an audit in the first place. (Spoiler alert: file on time!)
A tax audit can be scary, even for the most savvy of business owners! Having gone through both personal & business audits with my clients, I’ve gathered a few of my top tips to help guide you if/when you get that infamous brown envelope 🙂
And remember: every tax situation is unique. Use these general information tips & tricks to help you get organized, but seek out a tax pro for personal advice.
RESOURCES MENTIONED IN THIS VIDEO
CRA My Account: This free service was created by Canada Revenue Agency to enable individuals and business to monitor their tax obligations online. As an individual, you can access your personal account HERE
Business owners have a separate portal with info on GST/HST, Payroll, and your Corporate Income Taxes (if applicable). Access HERE
TurboTax: I’m used many different tax filing services over the years and this is my favourite for both personal & business tax returns. They often have coupons and special offers, which you can find on my site here: https://corporatecanuck.com/?p=638
RingCentral: I used RingCentral for the past 5 years for both my digital phone and e-fax services. They have both monthly & annual plans and i find it’s truly the best value for the variety of services they provide. Check it out: https://www.ringcentral.com/
Accordion Files: These are my favourite way to sort and store receipts. Remember: you have to keep all your supporting tax documentation for 7 years! I use different colours for different years, but I’m nerdy like that. These are my faves: https://amzn.to/2Uxkwfd
Tax and accounting laws change frequently; please consult your local tax agencies for current interpretations. The content of this video is for information only, and not intended to constitute legal, accounting, or tax advice; or opinions on any specific matters. Remember: do what YOU do best; hire a PRO to do the rest!
Some of the links mentioned in the description may be affiliate links (meaning, I may earn a tiny commission if you decide to purchase). I *never* promote something I haven’t used or don’t believe in, and viewers are NOT obligated to purchase anything. Using an affiliate link does not affect the price for you. Thank you for watching!