Many years ago, our firm was asked to take over as accountants for a profitable distribution business. The business had been run successfully for well over 25 years. As the founder moved towards retirement, he brought his son (Junior) into the business to eventually succeed him as President and CEO. The business continued to thrive, with growth averaging about 5% per year.
Canada Revenue Agency (CRA) randomly selects taxpayer's return to do pre or post assessment reviews to ensure the return was filed accurately. The following items are frequently reviewed, so be prepared with supporting documents.