Are you psyching out at present just because you have been informed that you will be audited by the tax authorities? Your friend must have been telling you that you are absolutely gone for a toss because the tax authorities are apparently “after you”. They must have told you how these tax authorities are actually after taxpayers and they only want to audit them when they sense that something is wrong and that they finally end up pointing out some discrepancy in your tax papers or the other even if you are a sincere taxpayer.

You are not helping yourself: Your fears don’t have a solid base

Let us tell you that you are definitely not helping your cause if you are turning all panicky. No, there are options to explore as well. And, the most potent of these options is to educate yourself about the CRA tax audits. Let us clarify from the very beginning that most of these beliefs associated with CRA tax audits spring from preconceived notions, hearsay and lack of education. Ignorance is not always bliss. It is very important to ensure that you are actually educating yourself about these audits in a bid to find the truth out.

What exactly will proper education tell you about tax audits?

Please ensure that you are actually investing proper time in educating yourself about tax audits. Once you start learning the “facts” you will actually be able to figure out that the tax authorities are not necessarily after you and that the names for auditing are often selected randomly.

If this piece of information does not provide you sufficient relief then let us tell you that you would even be able to request the authorities to postpone tax audits if you think that you are not ready for the same- meaning, when your papers are not in order.

So, the key is to educate yourself as much as you can about tax audits and not believe in whatever people have to opine about them. Hope we have been able to throw light on the subject sufficiently and help you get rid of the preconceived notions as much as possible.

Don’t be scared

Stay calm and don’t fear. Just make sure that your papers are in order and you can jolly well expect to sail through the entire process. It necessarily does not have to turn out to be a daunting process for you.