How to Audit-Proof Your Books Before the CRA Comes Knocking

If you’re a small business owner in Canada, here’s a hard truth: the CRA has been increasing reviews and audits, especially for small businesses and sole proprietors. Many owners assume that filing taxes on time is enough—but when the CRA asks for proof, not having it can mean surprise reassessments, denied deductions, penalties, and unexpected tax bills.

The good news? You can significantly reduce your risk by audit-proofing your books before you’re contacted.

Are You Paying for Your R&D or Is Your R&D Paying You?

The SR&ED Tax Incentive Program supports research and development (R&D) projects in Canada. This lucrative tax incentive program is not limited to high technology companies, although most manufacturing and technology companies would qualify to at least some extent. Any company may have a project that would qualify for the SR&ED program, which could be anything from improving the capabilities of an existing device to developing a new tool or piece of equipment.

Canada Revenue Agency App

Personal Taxes, Business TaxesTNT Global AccountingJanuary 16, 2015CRA App