How Does the CRA Find Out About Undeclared Income? - SAU CONSULTING
The Canada Revenue Agency is extremely resourceful when it comes to finding out about undeclared income. The age of technology has made it very easy for them to find out information and when they do they will come after the taxes that they believe that you owe. So how does the Canada Revenue Agency find out about undeclared income?
HERE ARE SOME OF THE COMMON WAYS THAT THE CANADA REVENUE AGENCY CAN FIND OUT THAT YOU HAVE EARNED INCOME THAT YOU HAVEN'T DECLARED:
Audits When one company is audited it often triggers a chain reaction. If you are self- employed and have performed services or worked for a company who is audited, the Canada Revenue Agency will often look at invoices and cheques that have been paid to other companies and then check to see if the other company is up to date in their tax filings or if the amounts of the invoices exceed the companies declared income.
Tax Slips Many contractors assume that because they are paid by cheque that the CRA won't know about their income until they file a tax return. Companies must file a T4A for each contractor who they paid during a given tax year that includes the amount of income paid to the contractor for that tax year.
CRA Lines The CRA has an anonymous phone number where people can report friends, family members, colleagues, suppliers etc... who have undeclared income. Commonly ex-spouses and business partners will exploit these services to another which they once had a relationship with and now hold ill will towards them. SAU Consulting & Business Advisory services deal with CRA Tax Audits, CRA Tax assessments& Tax appeals against CRA decisions on behalf of our clients
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