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.

Show Notes

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;
• Connect with me by email: [e-mail]
• LinkedIn: https://www.linkedin.com/in/amandasadoucette   
• Instagram: @tax.chick
• Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb  

What is The Tax Chick Podcast?

Tax is complex, but it does not always have to be so complicated and shrouded in mystery. Host Amanda Doucette is a self-proclaimed foodie, spin class and Pilates enthusiast, and a tax lawyer. She fell into the practice of tax law despite having a life-long hatred of spreadsheets, math and numbers in general. Join Amanda and her guests as they unpack some serious Canadian tax topics and attempt to demystify the world of tax.