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As an auditor at the CRA, I will answer your question even though you probably hate me. The agency has the right to all your books and records for your business. This includes receipts and invoices claimed as expenses, bank account statements which can include personal ones if there is a connection to business ones (eg. transfer from personal to business), looking at all your business assets and anything that is related to your business. This is just the audit part. If the auditor makes an adjustment on your return and feels that you may default on tax owing, the file will be refered to Collections who will contact you to get payment. They may garnish wages and put liens on your property to prevent you from selling them among other things. Although the Agency will give you every opportunity to pay your debt through payment plans. They will not empty your bank accounts without leeting you know. You will receive letters before any drastic actions are taken. The file may be taken to court if deemed necessary and hefty fines and or jail time is possible. Hope that helps. If you are dealing with the Agency I can leave you one piece of advice, be very co-operative. The more co-operative you are the faster it will be done.
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