With tax season around the corner, business owners don’t just have to worry about collecting their records and filing by the deadline, but also potentially being audited by the Canada Revenue Agency (CRA) or learning that their tax return has been reassessed after the fact.
“One of the issues that definitely affects smooth business operations is a tax audit. It’s stressful and time-consuming as the CRA has been known to tie businesses in knots for up to 18 to 24 months, not to mention the costs to the business owner for related accounting and professional fees to reach a resolution,” said Katherine Ferrante, vice president of sales and business development at ARAG Canada. “These situations can cause significant stress and even prevent business owners from generating revenue as they deal with audit or reassessment issues.”
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