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CRA audits can be overwhelming and stressful for any taxpayer. Even the thought of getting audited by the CRA can be scary for many people. Tax Payers may panic and not handle the situation correctly. Source Accounting Professional Corporation can help you in such cases so the audit notification doesn’t feel like a punishment.
Our CPA Is Here To Help
CRA audits can be very risky. CRA pursues the categories of taxpayers it finds to be at a higher risk of tax negligence. People at an increased audit risk involve individuals who work in the construction or restaurant industry, are self-employed, or have repeated losses from their business.
If not handled properly, a CRA audit can eat a massive chunk of your income. It may result in penalties and interest that can be devastating to your financial situation. For this reason, you should contact a professional for CRA audit assistance as soon as you receive the audit letter from CRA
The audit usually starts when you receive a letter from CRA where they tell you about their intention to audit. This letter will put you on notice and outline the information it wants from you, like specific documents and details. After receiving this letter, you must make submissions that the auditor will review.
After reviewing the documents, the auditor may give you a green signal or determine that there is some problem. If there’s a problem, you’ll receive a letter that sets out the proposed reevaluation and the reason for it. This gives you another chance to submit the documents and dissuade the auditor.
Auditors don’t always respond or listen to your reasoning, which can be trouble for you. That’s why working with a professional from the beginning is always recommended. This will help you stand empowered during the audit process.
Being audited by CRA can be an intimidating experience. And many make the costly mistake of representing themselves and end up volunteering too much information to make things more complicated. CRA auditors often make taxpayers feel defensive and vulnerable. Having someone with professional knowledge about the process and knowing your rights throughout that process can be empowering.
Don’t panic if you receive an audit letter from the CRA: Corporate, Personal, HST, WSIB, and other government-related programs. Source Accounting will be there to represent you during the entire auditing process. We can assist in preparation for the audits by planning and gathering the relevant documents with accuracy with your record to satisfy the audit.
Proper management of the CRA audit procedure is vital to financial management and to avoid any penalties. However, not many business owners are experts in this and make mistakes that cause them significant losses. However, you don’t need to worry; we’re here to help!
At Source Accounting, we’re a team of professionals dedicated to providing you with the most accurate and reliable CRA audit services in Mississauga and the whole GTA, so the audits are no longer a stress for you. Our decades of experience giving CRA audit help services span dozens of industries, including IT, real estate, medium-sized businesses, and start-ups.
Our office is conveniently located at Square One, Mississauga
