Though you are not obligated to claim all of your business expenses by the Canada Revenue Agency (CRA), claiming them in future years when they have not been claimed in prior years may result in a review.
As seen in our TurboTax article: 7 CRA Audit Triggers and How To Avoid Them: The CRA looks for consistency in your tax returns, even when you’re self-employed or running a small business. If, in a given year there’s a sudden and dramatic rise in your income (or your credits and deductions), your return may be flagged for a review.
For more information please see this CRA link: How tax returns are selected for review
Thank you for choosing TurboTax.
lucianka18
New Member
perc479283
New Member
donnasdifference
New Member
tax37tax
New Member
echo-footprintsm
New Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.