Article by
Marc Vanasse 
and
Bill P. Nakano
You've just received a letter from the Canada Revenue Agency
(CRA). They intend to conduct a tax audit of your company for the
past three years. Your palms are sweating, your heart races, and of
course, the timing could not be worse with year-end just around the
corner.
What do you do?
First, take a deep breath. Review the letter carefully to ensure
that you understand what information is being requested and the
scope of the audit. The initial request letter usually outlines
general information pertaining to specific years and/or specific
transactions in certain years that the CRA is interested in
reviewing. This is the initial information-gathering stage, so the
CRA may request a lot of documentation, including financial
statements, detailed account print outs, emails, memos, letters,
faxes. And maybe more.
