CERB Audit Services in Toronto
What is CERB Audit?
If you’re a former CERB recipient, you need to be prepared for a CERB audit that checks the ineligible recipients who may have to pay the benefit back. There are two types of audits that could impact you. These are when a government audit of the CERB program as a whole or a CRA audit of your own taxes reveals you weren’t eligible for the CERB when you received it. If you were audited by the CRA, Faris CPA can help you!
How CERB Audit could affect you financially
If you’re forced to repay the CERB, the financial cost to you could be enormous. The CERB paid $500 per week and was available for up to 28 weeks. If you had received every CERB check for every eligibility period, you would have received $14,000. If you were found to be ineligible for the entire 28 weeks, then you’d have to pay back that entire amount. If this happens to you, make sure you have a knowledgeable tax audit assistance team to back you up. Contact Faris CPA at 844-340-5771 today!
What to do during CERB Audit
It isn’t much you can do at this point regarding a CERB audit. The program has come and gone, and if you weren’t eligible for the money you received, you may have to pay it back. If you saved your CERB money, you could consider holding on to it into next year instead of spending it, which means you won’t have to shell out part of your paycheck every week to repay the CERB. To learn more, contact Faris CPA today!
Reviews from Our Clients
“Before finding Faris CPA, I have worked with 2 other companies, and they don’t come close to the amount of help that the firm has given me. They were a big help in filling outstanding tax returns under the Voluntary Disclosure Program and their fee was reasonable. Sam always goes the extra mile to make sure that all my questions are answered. I highly recommend this firm.”
“I have been using Faris CPA’s tax accounting services since 2017, and I’ve never had problems managing my finances ever since. The quality of service they offer is top-notch, and they always keep me updated. If you’re looking for a CPA, just give them a call and avail of their assessment. I assure you, you won’t regret choosing Faris CPA.”
“Sam has been taking care of my business’s taxes since 2018. Working with Faris CPA was one of the best business decisions I’ve made, and this firm continues to deliver good work every year. Great, reliable Toronto firm.”
CRA Tax Audit
Dealing with a CRA audit is incredibly stressful and can end up being very expensive, a professional can help you through this process by saving you time, money, and giving you peace of mind. A tax audit professional can help by getting audited financial statements organized and reviewing them, which can help you win your case against the CRA. If you’re at risk or if you want to avoid a personal or corporate tax audit in Toronto, call us at 1 844 340 5771.
Unfiled Tax Returns
Unfiled tax returns are a common problem for individuals, corporations, trusts and estates. A tax accountant can help you deal with unfiled tax returns and even avoid penalties and prosecution through the Voluntary Disclosure Program. Unfiled tax returns should be addressed sooner rather than later so that you can get up to speed and avoid additional consequences. Contact the professionals at Faris CPA today for an assessment. Call 1 (844) 340-5771 or use the contact form to get started.
Pro Tip
Preparing and filing taxes can be stressful, but not as stressful as getting audited by the CRA. While the chances of getting audited by the CRA are slim, you must keep detailed records including your invoices, receipts, bills, and even CERB records.
Tax Problems & Representation
An audit by the CRA can be a frightening experience. If you are audited, you can be found guilty of tax evasion or any other tax problem. The auditor will ask for your books, records, and bank statements. If any of this information is found to be incorrect or incomplete, it may be used against you. The penalty for tax evasion can be a costly one. Call us today for a confidential initial assessment about any accounting or tax matters. As an experienced, certified, licensed, and expert tax accounting firm, we help our clients handle all tax and accounting issues. give us a call today at 1 844 340 5771.
FAQS
To be eligible for CERB, you must have earned employment or self-employment income of at least $5,000 in 2019 or in the 12 months before applying. To verify your income, CRA will look at your 2019 tax return, and any T4 or other income slips sent into the CRA.
To be eligible for CERB, you must have earned employment or self-employment income of at least $5,000 in 2019 or in the 12 months before applying. To verify your income, CRA will look at your 2019 tax return, and any T4 or other income slips sent into the CRA.
To be eligible for CERB, you must have earned employment or self-employment income of at least $5,000 in 2019 or in the 12 months before applying. To verify your income, CRA will look at your 2019 tax return, and any T4 or other income slips sent into the CRA.
If you’re a CERB recipient, you should be aware of two types of audits: the first one is to check if you’re eligible for CERB payments, and the other would be the audit of the CERB program as a whole.
If you can’t afford to pay back the benefit money you received in full, you should contact a CRA agent and discuss possible payment arrangements that would work for you.
Yes, a bankruptcy or consumer proposal erases government debts as long as they were not caused by fraud. The CRA will consider many factors before you can consider yourself bankrupt.
Yes, you have to pay back CEWS, especially when these employers do not meet the eligibility requirements. This practice was implemented in order to maintain the integrity of the program.
Yes, you can still work even though you are under the CEWS program. This practice is possible because the program does not limit anyone to earn as much money as possible.
Yes, the Canada Emergency Wage Subsidy (CEWS) includes Canada Pension Plan (CPP) and Employment Insurance (EI). The CEWS is equal to this amount plus the CPP and EI premiums paid by the employer.
Yes, CEBA is considered income. As confirmed by the Canada Revenue Agency, the forgivable portion of CEBA are taxable when received, but if and when repaid, are deductible when repaid.
No, you can’t use CEBA for personal use. When applying for CEBA, authorities require you to have a business bank account, if you don’t have one or just have a personal bank account.
If you can’t pay back CEBA, you’ll be required to pay the interests that you incurred. The said interest could be tax-deductible, given that interest paid on borrowed funds used to obtain or earn an income is generally tax-deductible.
If you have lost a job, been sick, have been quarantined, or have been at home with your children, you may need our audit services.
Contact Faris Chartered Professional Accountants at
844-340-5771
Pro Tip
ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS
The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.
Testimonial
Sam Faris reduced the significant unreported income based on net worth audit to be nil. Sam’s approach in fighting these types of complex audits is unique and sophisticated. He found countless mistakes made by the auditor which were rectified when Sam appealed the audit decision. Instead of owing significant amount of taxes, Sam reduced it to zero. I highly recommend to hire Sam for this type of audits and any CRA problem.”