Dispute Resolution
As a result of the COVID-19 crisis, the Government of Canada has made significant investments in the CRA. The result has been an increase in audits. This new development coupled with the fact that Canadian businesses and high net-worth individuals are under ambiguous tax laws means that it’s time to increase your preparedness in the event of a tax dispute.
Of course, proactively preventing a dispute is easier than resolving one. Know the factors that put you at risk for tax disputes and take the necessary steps to minimize them. For example, self-employed individuals, real estate transactions, lifestyle incongruencies, and large home office expenses can sound an alarm for the CRA.
To be proactive and reduce risk before a dispute begins, you do well to seek help building defence strategies into the way you run your business or the way you manage your personal assets. In addition, develop a strategy in the event of an audit. Be aware of CRA policies in order to protect yourself.
If an audit occurs, your main concern should be to resolve the issue outside of court with a settlement but the wisest course is to ensure that you have prepared for the possibility of litigation. Harv S. Mand can offer the expertise you need to prevent tax disputes and resolve any that come your way.