- Joined
- Sep 21, 2010
- Messages
- 3
Help! I have a fellow landlord and relative who will soon be submitting SEVEN years of past-due tax returns! He is self employed and has rental income from part of his home. Since he has not left a paper trail to half the rental income, he`s thinking about declaring only the half that`s gone into his bank.
My big fear for him is that he`s a prime candidate for audit (self employed, rental, late filer) and the CRA will verify his rents by cross referencing the tenant tax returns who have lived there over those years. The tenants included the rent they paid on their tax returns.
Does anyone know if the CRA actually goes as far as checking tenant tax returns to verify the landlord`s declared rental income? thanks all!
My big fear for him is that he`s a prime candidate for audit (self employed, rental, late filer) and the CRA will verify his rents by cross referencing the tenant tax returns who have lived there over those years. The tenants included the rent they paid on their tax returns.
Does anyone know if the CRA actually goes as far as checking tenant tax returns to verify the landlord`s declared rental income? thanks all!