Be prepared for potential tax audits

If you are like many small business owners, the mere mention of a tax audit can make your hair stand on end.  There are many things you can do to ensure that you are prepared for a potential audit and that you understand your rights. 

Check out the useful tips provided in What to do when the tax auditor arrives. You will find answers to questions such as:

  • What type of records should I keep and for how long?
  • Can I ask for an extension for the tax audit if I am extremely busy?
  • What should I do if I feel the tax auditor is being unreasonable or abusive?
  • What steps do I take if I don't agree with the auditor's decision?

 

If you have any questions, our Business Counsellors would be glad to help you in any way they can. You can reach us by telephone at 1-888-234-2232 or by email at cfib@cfib.ca

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