2021 Tax Audits 

Tax Audits  "We are here to Help"

It looks like Fishing Season has arrived for the CRA. On August 6, 2021 the CRA started its campaign on the Audit Trail. In the Past the CRA has reached out directly to us when they do their reviews, however this time around they are by-passing us and going directly to you, the Tax payer.

 

The current campaign is an Audit and not a review, which is much more thorough and concise, and we do not expect you to go it alone. Should you receive any letters or phone calls from the CRA, please make sure that you contact us ASAP so we can explain what is happening and help you get the information together.

So far we have seen that they are going back up to 3 years asking you to support your employment expenses. We anticipate that this trend will continue over the next few weeks, months and years as the government needs to offset the massive Covid-19 spending, and as always, they like to look at us hard working people to help them pay the Bills.

 

NEW CRA POWERS

The CRA now has new audit powers thanks to the April 19, 2021 budget and a loss in court. CRA can now require taxpayers to respond orally to audit questions, instead of writing only. What they won’t tell you is that you still have the right to representation, which means that you may have us talk to them for you, or have us on the call with you. This is extremely important as the CRA records all of their calls, and the auditors are trained to lead you down a road that you do not want to go on. Should the CRA call you, ask what they want, let them know that you do not have time right now and get a call back number. Let us know and we will work with you!

 

Travel Insurance: Make sure you are covered.

With boarders opening up, double vaccination rates increasing and people are itching to travel, make sure your travel insurance includes Coverage for COVID-19 as many policies do not offer covid coverage. At OBS Financial, we have many plans that cover your travel needs, including

  • Covid 19 Coverage

  • Trip Cancellation / Baggage

  • Student Travel Coverage

  • Oversea’s Work Coverage

  • General Heath and Dental benefits for those not covered

And YES, we can even get you coverage for pre-existing conditions. For a quick, NO obligation quote - Contact Carsen or Stacey to make sure you have the coverage you need.

stacey@obstax.com or oakbank@obstax.com 

 

 

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