Are you worried about an audit? Did you know that every year millions of Canadians get assessed? Worry no more we can help.
It can take the CRA several years to catch up to you for back taxes, but once they do, they will relentlessly pursue you for their money. If you’re a small business owner, independent contractor, or farm operator, and you’ve been incorrectly assessed or re-assessed, you understand how stressful, intimidating, and scary the process can be; you are at risk of losing your business, savings, house, and way of life.
A lot of people are tempted to represent themselves in a CRA audit. This could be a costly mistake. The CRA has infinite resources to access your financial information. Because a CRA audit can be stressful, it’s not uncommon for people to voluntarily offer too much information, which can further complicate and prolong an audit.
If you received any reassessment notice from CRA don’t panic! Act quickly and bring the notice of reassessment along with supporting documents to us and we will prepare to present factual support for your position. We’ll stop the uncomfortable phone calls and will represent you before the CRA so you don’t have to deal with them directly. We have years of experience working with the CRA on behalf of our clients, so we know how to speak their language and negotiate with them for the best outcome.
In order to avoid a CRA audit is to have your taxes prepared by a professional and be filed on time. To make sure that happens, businesses need to be organized and be reasonable with their claims.
After all careful tax filing does not mean a business will never get audited. Some small businesses get randomly selected for an audit. Others are audited because of:
- Overstated Credits/expenses
- Unreported earnings / offshore assets / income
- Unusual changes in deductions
- GST/HST non-compliance
- Third-party tips
- Credits not supported by receipts
You might not be able to avoid a tax audit, but you can certainly take the right steps to ensure the process goes smoothly.
Hiring the right professionals to help with CRA representation and audit support. The tax professionals at R Johal CPA Professional Corporation have been helping small business owner’s in Brampton deal with the CRA for almost 10 years.
For more information on R Johal CPA Professional Corporation, and the services we offer, call us today at 416 823 2556 or submit an online contact us form and our tax specialist will contact you at your earliest convenience.