Dr. Wing Lim welcomes Masterclass Faculty Member and tax lawyer Jason Pisesky back to Physician Empowerment for a discussion on preparing for a tax audit. Jason focuses specifically on what Canadian physicians and incorporated professionals should consider and prepare for with their professional finance and tax partners. Jason states that with the Canada Revenue Agency becoming more sophisticated, well-staffed, and equipped with AI-driven mining tools, the chance of an audit has never been higher.
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Dr. Wing Lim welcomes Masterclass Faculty Member and tax lawyer Jason Pisesky back to Physician Empowerment for a discussion on preparing for a tax audit. Jason focuses specifically on what Canadian physicians and incorporated professionals should consider and prepare for with their professional finance and tax partners. Jason states that with the Canada Revenue Agency becoming more sophisticated, well-staffed, and equipped with AI-driven mining tools, the chance of an audit has never been higher.
Wing and Jason explore common audit triggers: anything from expense deductions like travel, car, and professional dues to Employment Insurance audits that target owner-operator corporations. The CRA has new powers, which Jason outlines, and they include the ability to compel oral interviews. There is a dispute resolution process as well, but it goes from initial audit through appeals to potential court action. Maintaining accurate corporate records, bookkeeping, and compliance documents is essential, and having the right team - general accountants, tax specialists, and lawyers - is important. The bottom line, as Wing and Jason emphasize, is to expect an audit, keep strong records, and don’t face the CRA without professional representation.
About Jason Pisesky:
Jason is a tax lawyer with an international accounting firm, KPMG. His practice background is extensive and includes personal and corporate tax planning as well as litigation and dispute resolution. Whether you are scaling up your practice or winding it down, proper coordination between a tax lawyer and your accountant can ensure you're doing it right.
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