The latest CRA Corporation Post Assessing Review project is a review of vehicle expenses (field code 9281 on GIFI Schedule 125, Income Statement Information). From practitioner comments, CRA seems to be focusing on tax years ended in 2015. In what appears to be a standard form letter, CRA is requesting the following:
warning clients of the possibility of a request under CRA’s latest corporate expense review project
While this seems like a short list of information, readers will appreciate the significant number of transactions which make up vehicle expenses for a typical small business. This follows rapidly after CRA’s recent project requesting details of Class 10 CCA additions (see VTN 442(10)); however, this project appears to focus on operating expenses rather than asset acquisitions.
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