Larger businesses expect audits. A company in the $20million to $250-million income range can expect an audit every three years, says John Tobin, a partner in Torys LLP's tax practice in Toronto. "You normally don't get off the three-year cycle.
There are few corporations that won't get audited," he says.
On the heels of the Panama papers, in which about 350 Canadians were found to have investments in offshore tax havens, Canada Revenue Agency (CRA) hired 100 new auditors in 2016. Th
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