CRA Shifts Focus in 2024 Audits
TL;DR
Gain an advantage by working with Mew + Company to navigate complex Canadian tax law and maximize potential tax savings.
Mew + Company's specialists help individuals and businesses with taxation by guiding them through specific 2024 audit patterns.
Working with Mew + Company can help individuals and businesses preserve capital, minimize tax expense, and build long-lasting customer relationships.
The Canada Revenue Agency is focusing on foreign transactions, business account expenses, platform economy, and real estate in 2024 audits.
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The Canada Revenue Agency (CRA) has announced a strategic shift in its audit focus for 2024, impacting various sectors and taxpayers. According to a recent article published in the Globe and Mail and insights from Vancouver tax planners, the CRA will concentrate on areas such as foreign transactions, business account expenses, the platform economy, and real estate.
High net worth individuals involved in cross-border business transactions and foreign investments are at a greater risk of being audited. These audits may require extensive documentation to support foreign tax credits or proof that income taxes have been paid in other jurisdictions.
Business tax expenses will also be under scrutiny. Many business owners inadvertently make errors when reporting to the CRA, especially concerning deductions for professional fees, often confusing them with personal expenses. Skilled tax accountants can help businesses navigate these complexities to maximize potential tax savings.
The gig economy, including rideshare drivers, food delivery personnel, and social media influencers, has attracted the CRA's attention. The agency aims to ensure that participants in this sector are fully compliant with their tax obligations and understand the reporting requirements.
Real estate transactions remain a significant focus. In efforts to combat tax evasion and revenue loss from house flipping, the CRA is expanding its compliance activities in this sector.
The CRA will also increase audits on irregular year-end transactions that appear tax-motivated, such as tax loss selling. Businesses and individuals can benefit from working with knowledgeable tax accountants who understand long-term goals and can devise strategies to preserve capital and minimize tax expenses.
Mew + Company, a team of Chartered Professional Accountants in Vancouver, stands ready to help businesses and individuals navigate these changes. The firm emphasizes building long-lasting relationships and offers specialized services to corporate clients across various industries, including restaurants, real estate, retail, and services.
Curated from 24-7 Press Release
