Tax Doctors Canada News

“How far back can the government go"? This is a common question that we hear. Recently, we had an individual contact us about his audit. Canada Revenue Agency (CRA) was auditing his personal tax return. He operated a business for about ten years, and CRA was reviewing his expenses. CRA wanted to examine approximately the last eight years worth of expenses.

When handling your income taxes, it is extremely important that you file an accurate tax return and make payments on a timely basis. Failure to do so can result in the assessment of additional interest payments and late-filing back tax penalties.