Proprietors & Their Audit Risk

The tax filing season 2024 is officially over with 31,247,787 tax returns filed to July 1.  The average balance due is $7,572 or over $55 Billion and many of those 7.3 Million taxpayers who owe are proprietors who waited to file until the last moment:  June 17.  We asked tax and financial professionals in our June poll whether they thought that tax audit risk is a bigger issue now for proprietors.  The reviews were mixed but 60% said yes. 

In this month’s poll we ask you to please weigh in on the following question:

Starting in July, CRA will provide legal warnings to recover more than $9 billion of overpaid pandemic recovery benefits like CERB. Do you think that is fair?