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

Did you know that there are some simple things you can do to help "audit-proof" yourself and your business? Or at the very least, by learning and implementing these practices, you will be CONFIDENT and prepared for the next audit that comes your way! Join me, and my special guest, tax lawyer Dean Blachford, as we break down three common areas of audit scrutiny, and what you can do to be prepared.

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).   

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