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1. Student files are being selected for audit every year. If it ha
application form is among them, the information you have
checked for truthfulness and completeness. Penalties apply
contains false or inaccurate information. For example, your a
be limited or denied.

2. You may be required to present some documents. Among
receipts, receipts for tuition and textbooks, and child care r
have to supply T4 slips, copies of your income tax returns, an
Other documents to supply are a divorce or separation agre
from an employer confirming your income. In addition, you m
supply any other documentation that will make it easie
information presented in your application.

3. It is important to make a file of the documentation you have
student loan application. This includes a working copy of it.
present and refer back to these documents if your loan applic
You may also have to refer to them throughout the aca

4. What will happen if you fail to submit all documents within
auditor requires? Your student loan is likely to be revoked,
have access to further financial assistance. It is also an offe
present false and misleading information. This holds true for
and you should know the consequences. You may have to re
loan immediately. Second, you may face criminal pro

5. Close to 3 million returns are subject to review each year,
brown envelopes being sent with a demand or request
information. Now you know the procedures if you get audite
also know what to do to prevent this from happening. What
lifestyle and a moderate or low income? Many tax payers a
there is a procedure called net worth assessment. Such a
conducted by the Canada Revenue Agency if it is suspecte
illegally and claim low income. If someone knows your incom
them by mistake, you may have some explaining to do. Claim
of your home expenses and ninety percent of your car expe
use is likely to trigger an audit. Regarding these, be reasonab
book. Getting into the cheating habit is a huge mistake. If y
submitting false information before, you may be audited mo
T slips are likely to get you in trouble as well. If you do not rep
T slip and fail to do it twice in 2 years, you can face substa

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