CRA compliance

CRA compliance refers to respecting and adhering to the rules and regulations set by the Canada Revenue Agency. This includes accurately reporting income, deducting allowable expenses, and filing taxes on time. It also involves maintaining proper financial records and cooperating with audits if needed. The goal is to ensure transparency, fairness, and legality in financial dealings, whether you're an individual or a business. Following CRA compliance helps avoid penalties, interest, or legal issues, and maintains a good standing with tax authorities. Essentially, it’s about fulfilling your tax obligations responsibly and correctly.