Tax Audit By CRA
Being Audited for your Personal or Corporate Taxes Afraid you might be?
If you want to avoid a personal or corporate tax audit call us at 1 844 340 5771.
Are you at risk?
T4'd employees are usually not targeted by the CRA since their income is easy to verify. Small businesses are more likely to get audited because they have discretion in income reporting and expense claims.
Has the CRA audited you or your company?
If an auditor is assessing you or if the CRA believes you have embellished your tax returns, you must understand and assert your rights. We can help you pay the taxes you owe and not the ones the CRA asks for.
Have you received an assessment or a post audit letter?
If you have been unlucky enough to receive an assessment of a post-audit letter, then the CRA tax audit process has already begun. Usually, you must answer the auditor’s letter within one month, and objections must typically be made within 90 days from the day you were assessed. Ignoring or missing these deadlines may have dire consequences and prevent you from proving the CRA wrong. Contact one of our audit professionals so we can help you understand and exert your rights.
Beware of waivers
Usually, the CRA can only reassess you within 3 years after the initial assessment notice was delivered. Make sure to read everything the CRA gives you, and don’t be fooled into signing a waiver. A waiver would allow the CRA to reassess you even after that limitation period has passed. We can help you understand your waiver of objection rights, and chose the right course of action.
Auditors are not your friends. If you tell them about your trip to Paris, they might just use this to tax you some more. If they smile and act friendly, it’s only so you’ll let your guard down and share unnecessary information they can use against you. Have a professional deal with the CRA on your behalf and don’t risk accidentally saying the wrong thing.
“A recent client, that was referred to us by another client, needed help through a difficult CRA audit. As a result of the CRA audit, the client discovered that his accountant had made significant errors which resulted in CRA disallowing their HST refund. After an intensive review of the proposal letter along with the income tax act, we were convinced that the client would win the case if their records were corrected and a different argument was submitted in reply to the proposal letter. However, the CRA auditor didn’t consider the new argument. We filed a Notice of Objection and we were able to recover not only the original refund but additional refund amounts that the original accountant had missed.”
Faris CPA’s clients rest confident that they will receive what they are entitled to from CRA and not pay a penny more than legally required.
M.W., BC – Client
”Sam’s team helped with my audit and cut my bill significantly. I saved thousands of dollars. Sam and his team were great.”
Call us today at 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.
Sam Faris is a Toronto-based Chartered Professional Accountant who practices as an independent consultant on high-level Canadian tax matters and handles disputes with CRA. He has recently published an article a business magazine: HERE