As many Canadians prepare their tax returns this month, the thought of Notice of Assessments and audits may not be too far off either. For some people, along with the stress of compiling all of the necessary documentation needed in order to file your tax return, comes the often unwarranted anxiety of being audited. However, in certain circumstances there is somewhat of an audit battle taking place in Canada between taxpayers and the Canada Revenue Agency (CRA).
The below infographic from FBC, titled Taxpayers vs. CRA: The Audit Battle in Canada, provides a comprehensive overview of the increasing number of audits that have been conducted over the past several years due to the CRA’s initiative to tackle tax debt and fraudulent claims. As a result, many Canadian taxpayers are facing stricter auditing conditions. Read the full infographic for more details on why the CRA has had to crack down on auditing taxpayers, who runs the greatest risk of being audited, and much more.
Click on infographic to enlarge.
(Infographic via FBC)
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