CRA Audits and Reviews Back
Overview of CRA Reviews and Tax audit
If you find yourself facing a CRA Business Audit or review, there’s no need to panic. The CRA also makes mistakes, and an audit isn’t always an automatic infliction of financial pain. However, it’s crucial to ensure that your bookkeeping and accounting are up to date before the CRA inspection begins.
CRA Tax Audit vs Tax Review
A CRA Tax review is a request for additional information if the CRA finds errors in your tax return at the time of processing. The CRA may send you a Notice of Reassessment or contact you requesting details concerning your business account.
A CRA Tax Audit consists of a more detailed examination of your records and books to ascertain that you have met all your tax obligations. Should CRA not be satisfied with your response to a Tax Review, it can audit you up to six years after issuing a Notice of Assessment, or at any time when fraud is suspected.
CRA Audit and Review support services Offered
Pranav Dave Professional Corporation offers a complete suite of CRA Tax Audit and Review support services. These help individuals and businesses respond to Notice of Reassessments in an efficient and minimally stressful manner.
Payroll tax audit support
We review your payroll reports and financial records to determine if your reported amounts match those in your documents. A payroll audit will usually involve an inspection of your ledgers, payroll deduction remittances to the CRA, as well as expense accounts. We can help you update payroll records and organize them to help auditors easily find what they need.
GST audit support
During a GST audit, you are asked to provide various supporting documents beyond your invoices and receipts. They might include your general ledger, credit card receipts and a detailed listing of GST collected and input tax credits (ITCs) claimed, or others. Once you’ve submitted the documents (within the deadline, typically 30 days), the CRA may still request other documents. With our Tax Audit support, we help overcome non-compliance matters rapidly, while establishing a more efficient GST management process.
Corporation income tax audit support
During a corporation income tax audit, the auditor will look at documents including business records (ledgers, journals, invoices, receipts, contracts, and bank statements); business owner(s) personal records such as personal account bank statements, mortgage documents, credit card statements; and the personal and business records of other individuals and entities related to the business owner(s), such as a spouse, family members, corporations, partnerships, or a trust. Following your submission of documents (within the deadline, typically 30 days), the CRA may ask for additional documents. Overcome non-compliance issues quickly, while establishing an efficient Corporation income tax audit with our Tax Audit support services.
Why work with us?
- Our team has successfully navigated numerous CRA Review and Audit scenarios and dealt with both simple and complex CRA issues. We can assist you in preparing for the process regardless of the scope of your review or audit
- We support an effective representation during a CRA Review and Audit, which is far more cost-effective than the potential thousands of dollars in tax bills that the CRA may present you after scrutinizing your financial records.
- We provide the utmost in professional comprehensive support throughout Review and Audit processes under our Tax Audit Services. Our goal: Ensuring a maximally favourable outcome for you and your business.
