CRA Tax Audits & Accounting Services
Private company owners and directors are under more pressure than ever. Financial reporting and corporate governance requirements have intensified in recent years. The new audit and accounting standards used are now more complex than ever.
According to data from Statistics Canada, the work of traditional accounting such as auditing, assurance, compilation, review, bookkeeping, and payroll, alongside taxation services such as tax preparation, planning, and consulting represents the vast majority of the work undertaken by firms in the accounting, tax preparation, bookkeeping, and payroll services industries.
Faris CPA assists companies of all sizes in all industries with essential services. These services include day-to-day bookkeeping, financial statement preparation, and tax return filings. We can help you stay on top of your accounting, tax, and financial obligations so you can focus on your core business. We have the expertise to make these essential business services cost-effective, efficient, and personalized for your operations. We can also prepare meaningful analytics to provide you with important insights into your business.
We also examine and analyze the accounting and financial records of individuals to ensure accuracy and compliance with accounting standards and legal requirements.
Does CRA audit your bank account?
Yes, there are some situations that CRA audits your account. Perhaps, many practitioners are surprised when tax auditors request for banking records from their families and business owners. From a normal point of view, asking taxpayers for their personal banking information is invasive. As a matter of fact, many business owners believe these requests are out of order. The CRA, however, does not make these requests any lighter. The organization says its processes aim to ensure tax auditors only ask for complete bank records. When CRA asks to audit your account, their could be some information they want to countercheck so their is no reason to worry.
Can you go to jail for tax evasion in Canada?
Yes, you can go to jail for tax evasion in Canada. Tax evasion is a crime. Whether you are hiding assets or money in foreign countries or cheating on your taxes in Canada, the consequences are very serious. It has a financial cost that can be very savere. Being convicted of tax evasion can lead to court imposed fines, fingerprinting, jail time and a criminal record. When taxpayers are convicted of tax evasion, they must still repay the full amount of taxes owed plus interest as well as civil penalties assessed by the CRA
What happens if you don't pay the CRA?
If you don’t pay the taxes you owe CRA by April 30 every year, it will charge you interest at the agreed interest rate. Usually, the interest is compounded daily on amount of money you owe starting May 1. The interest rate can change every three months. If you can convince the CRA that you have truly tried to get funds to settle the debt but still can’t pay the balance in full, you can request a payment arrangement. This is the kind of plan that will help you pay you pay the the taxes.