CRA’s Annual Audit Letter Campaign
The Canada Revenue Agency (CRA) annually sends audit letters to selected taxpayers. Letters sent in early 2017 will mark the eighth annual audit letter campaign initiated by CRA.
This year the CRA will send approximately 30,000 “intent to audit” letters to individual taxpayers and business owners who continually report business and rental losses. They are also targeting taxpayers who have sold rental properties.
If you receive one of these “intent to audit” letters, we recommend consulting with an auditing and tax accounting professional before responding.