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Personal Investor: Facing a tax audit? Remain calm

17 May 2017 20:30 | Nishan Singh

With the tax deadline behind us, many Canadians can look forward to a relaxing summer. But for a chosen few, a summer storm in the form of an audit may be brewing. 

The Canada Revenue Agency conducts spot checks on tax returns either through a software program that detects irregularities or humans doing simple math that they discover doesn’t add up. Most are resolved without penalty.

The CRA will usually tell you you’re being audited by letter, which should provide specifics and a possible request further documentation.

If you paid a third party to do your taxes, they should be able to help – but keep in mind the return is only as good as the information you provided.

TurboTax suggests a prompt response and tells Canadians what they can expect from an audit. Ignoring it will only make your situation worse.

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