Tax Problems & Representation

A tax audit can be a frightening experience. If you are audited by the CRA, you risk being 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. Penalties range between 50-200% of the evaded sum. Ignoring the CRA can result in them taking collection action whether you know what you owe or not. CRA collection action is not only used to collect debts, but also to make you comply with CRA requests. At Faris CPA, we can represent and advise you during the audit and post audit process. We can reply to the audit proposal and/or fix your books and records if necessary so that your tax problems can be solved. . If the audit result is unfavorable, we can file a Notice of Objection to get a more favorable result.

Expert tax accounting firm

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

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FAQS

How many years can you go without filing taxes in Canada?

In Canada, you can go up to 10 years without filing taxes. However, the CRA will penalize you a 5% penalty for late filling plus 1% interest per month on the amount owing. The tax agency can also take away your provincial medical plan or your GST cheques plus other benefits if you fail to pay after the period elapses.

Can you go to jail for not filing taxes in Canada?

Yes! Tax evasion is a crime in Canada. Tax evaders are charged a fine of anywhere between $1 000 and $25,000 and up to one year in prison. Also, when convicted, they must still repay the full amount of taxes owing, plus interest and any civil penalties assessed by the CRA.

Can the CRA check my bank account?

The CRA has access to information from all Canadian financial institutions so that it can establish undeclared, taxable interest, dividend and capital gains income. The CRA can therefore check your bank account.

What might trigger a tax audit by the CRA?

The CRA might tax audit you if you frequently claim losses on a business or a rental property. To help your case, you should ensure that you’ll be able to prove that you’re running a legitimate business and claiming all sales.

What happens if you are audited by the CRA?

If the CRA audits you, they will examine your books and records to determine whether you continue to fulfill your tax obligations, abide and comply with tax laws, and receive the benefits and refunds to which they are entitled.

What will the CRA do if they find information about you that is incorrect or incomplete?

If the CRA finds information about you that is incorrect or incomplete, they will notify all nationwide CRAs to correct this information in your file. They should also provide written results to you and a free copy of your report if the dispute results in a change.

Testimonial

“Sam Faris & his team provided a highly professional accounting & tax service that was both comprehensive & detailed. Additionally, Sam was excellent at collaborating with other professional advisors that I use. As an entrepreneur, I’d highly recommend Faris CPA.”

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