Turning risks into rewards

The Canada Revenue Agency (CRA) announced that they’re changing the way they select files for auditing — replacing its conventional selection method with a new risk assessment approach — focusing on companies they think will most likely fail to comply with legislation.

To address this new audit reality, companies will be compelled to recognize, quantify and address their tax risk and the resulting CRA profile.

The attached paper addresses the various types of tax risks that businesses should consider and the tools and resources that are available to help manage tax risk.