Three common tax audit flags... and how you can be prepared! (with special guest, Dean Blachford)

One of the pieces of my tax practice that I do not often highlight on this platform is my work in "tax controversy" or "tax litigation".  A huge part of my practice is helping taxpayers navigate through audits, and appeals to the Tax Court of Canada.   Sometimes, the world of audits and appeals can seem a bit "mysterious".  There is also a huge fear associated with receiving communication from Canada Revenue Agency.  The best way to combat fear is with knowledge.  So in today's episode, I am chatting with my guest about three key areas that typically attract a lot of audit activity - and what you can do to prevent an audit in these areas (or at least prepare yourself should one arise).  First, we tackle "shareholder loan accounts" (8:04), then we move on to the dreaded "net worth audit" (17:38), finishing off with a lively discussion on "input tax credits" and what you need to know about your GST filings (27:17).   

RESOURCES DISCUSSED IN THIS EPISODE

• Stories Podcast: https://podcasts.apple.com/us/podcast/stories-podcast-a-bedtime-show-for-kids-of-all-ages/id948976028 
• GST/HST Registry Search: https://www.businessregistration-inscriptionentreprise.gc.ca/ebci/brom/registry/pub/reg_01_Ld.action   

MORE FROM DEAN

• Website: https://www.blachfordtaxlaw.com/  
• The Blachford Brief: https://www.blachfordtaxlaw.com/insights/8dt7yc9zh52rbeb 
• LinkedIn: https://www.linkedin.com/in/dean-blachford-57042a44/ 

MORE FROM AMANDA

• The Tax Chick Blog - https://taxchickca.wordpress.com;
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• LinkedIn: https://www.linkedin.com/in/amandasadoucette   
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