Tax planning for individuals and families in an ongoing process to reduce the overall taxes owing by the family. It is usually the cumulative result of different tax planning strategies. The following tax planning techniques should be considered in consultation with our experienced Canadian tax lawyers:
CRA Tax Audits
There are over 350,000 tax audit and review actions conducted by the Canada Revenue Agency on a yearly basis. Around 15,000 of these tax audits deal with “cash only” businesses (i.e. the underground economy). Additionally, an estimated 35,000 are tax shelter audits.