Sige eet Business The odds against audit never have to face an audit by Revenue TT vast majority of Canadian taxpayers will Canada. In fact, of the over 15 million income tax returns received by Revenue Canada for the 1982 tax year (the most recent year for which statistics are available) a total of 302,797 returns were sub- jected to some sort of audit. That’s a total of only 1.99 per cent. Of these audits, 50,840 took the form of office ex- aminations. In these cases, Revenue Canada simply made phone calls to tax- payers to obtain a verifica- tion of items listed on the return. A further 224,991 audits took the form of post- assessment. (Assessment, not to be confused with auditing, is a process used by Revenue Canada to check figures and adjust a return according to the federal Income Tax Act rules.) Post-assessment, therefore, might involve so- meone from Revenue Canada sending you a letter asking for receipts or for a detailed breakdown of any figures on your return. And of th: total number of » Growing together with the North Shore we are committed to the | prosperity and financial success of its members. >» Over 40 years of innovative service and community involvement make us your first choice in a financial institution. Lonsdale 1100 Lonsdale Avenue 986-4321 audits done on 1982 returns, only 26,966 took the form of a field audit, where staff from Revenue Canada ac- tually went to a home or business and demanded to see the books. Field audits, on 1982 returns, were done on only .18 per cent of the total number of returns received. As well as doing audits, Revenue Canada conducts something called the ‘‘mat- ching project"’ each year dur- ing the process of assessing returns. This consists of mat- ching one person’s income tax return with another’s, to see if alimony expenses match what is declared as in- come on the ex-partner’s return, if T4s sent in by employers match what is declared as earned income, and if the TSs sent by banks match what is declared as in- terest income. Matching was done on 169,229 of the 1982 returns, or to 1.11 per cent of them, on a random basis. Audits are also done on a random basis (unless they result from an audit of another return) but some things are checked more carefully than others. For ex- ample, in areas where a high rate of ‘non-compliance’ is expected by Revenue Canada (ie: among people who receive tips and gratuities, which they might be tempted not to declare) an audit might be more readily considered. Other things Revenue Canada tends to check in- clude self-employed income, professional income, com- mission sales income, rental income, investment income, -+ 1 to 3 year term North Shore Cet Union PARTNERS IN YOUR COMMUNITY Seven convenient locations to serve you Lynn Valley 1247 Ross Road 980-6556 Martine Drive 1080 Marine Drive 986-1116 Dollarton 399 Dollarton Hwy. N. 929-8111 Village 3131 Edgemont Blvd. 985-8221 Park Royal South Mall (Gallery West) 926-8571 Whistler 4313 Skiers Approach 932-5314 ‘AVAILABLE FOR LEASE LIGHT INDUSTRIAL STORAGE SITE - 46,190 sq.ft. filled and fenced - suitable for open storage - exposure onto busy street - call the Land Department at the District of North Vancouver 23 - Sunday, March 24, 1985 - North Shore News aa ROYAL LePAGE= = and business expenses. The Canadian federal government uses what is known as a ‘‘self-assessment system’’ to collect taxes. Per- PREPARE YOURSELF FOR A CAREER rin Beatty, Canadian IN REAL ESTATE Minister of National Revenue, says that he *PRELICENSING COURSES believes in the ‘‘basic hones- ty’’ of taxpayers in assesing and declaring their income. But to keep you honest, Revenue Canada can impose some stiff penalties for tax evasion, Technically, ‘‘tax evasion” is the commission or omis- sion of an act ‘knowingly, with the intent to deceive’’. *POSTLICENSING COURSES *ONGOING TRAINING Classes are conducted by full-time Professional educators at our Training Centre, field training by our branch managers. , How successful you are or can be as a real - ee estate sales person depends greatly on the company that is behind you. Ensure your success by working for a company that offers essential backup services, is Nationwide and will give you the personalized training that you need. Royal LePage is Canada’s leading real estate company with offices across Canada, the U.S. and in Europe. Call for more information. North Vancouver Chuck Traunweiser 985-9544 Harold Dueck 985-8231 West Vancouver Bob Norquay 925-1444 987-7131 = Cedar Color | | ot is penetrated into the wood = [ oe 2x4 R/L — «(88flin. ft. - | ols 2x6 R/L .49/lin. ft. 2x8 R/L .69/lin. ft. 4x4 8’ .66/lin. ft. S WATE AV Pa/ROVBRL 144 W. Esplanade North Vancouver 980-3484 or 3147 Woodbine Drive North Vancouver 986-3361