Many of us post pictures and updates of our daily lives on social media sites such as Facebook to show our friends and families. They may not be the only ones being connected to us; the Canada Revenue Agency could be monitoring your social media accounts to gather data as well.

If CRA is under the impression that you are evading taxes, they can use this data mining technique to gather information from what is known as “publicly available information”. For example if you are posting on social media sites about buying a luxury car, living in a high-income neighborhood, going on expensive vacations etc but reporting income that cannot sustain that kind of lifestyle on your tax return, the Canada Revenue Agency could use the information collected from your Facebook, Twitter or Instagram to audit you.

To ensure your online privacy, we here at SJ Chartered Accountants suggest you to be cautious of what you post on social media. If you have any questions please feel free to contact us.

( Tax /Audit/Accountants based in Mississauga, Etobicoke and Toronto helping clients solving tax and audit / financial problems)