Invitation to Self Audit:  Business, Professional And Rental Income Returns

CRA is giving you the opportunity to "self auditî with a series of audit letters targeting those in business, professions or rental property owners to review claims made in prior years and "self-declareî errors with adjustments within 30 days of receipt of the letters in the mail. Candidates are being randomly chosen from industry groupings to encourage compliance. Tax professionals should be ready to help clients pro-actively by asking about these letters and inviting clients to drop in before the busy tax filing season to deal with this invitation. It's a good way to avoid penalites and interest, too.

 

Additional Education Resources: Introduction to Personal Tax Preparation Services and Essential Tax Facts 2011