Our audit support services take the fear and uncertainty out of a CRA audit
Most business owners and managers cringe with fear when they receive a Notice of Audit, but if you’re working with a professional accountant to keep your financial records in complete compliance, then you nothing to worry about.
The Different Types of Audits
There are several different types of audits that the CRA can trigger and we can support you through them all.
The most common audit is a tax audit, where a CRA auditor will carefully examine the financial activity of your business for a given period of time (typically a recent tax year) to make sure that your business has been operating in clear compliance.
Other less common audits include a WSIB audit, a source deductions audit and a GST/HST audit but they’re similar to a tax audit in that CRA wants to make sure your business is compliant.
Even in some cases, CRA will audit an individual’s personal tax return. Just like with the business audit support services, we’ll support you through the process to make it as smooth and painless as possible.
How We Support You During the Audit Process
The audit process has a number of stages: you receive a notification letter from CRA requesting specific information. An auditor will visit your office, review your financial records and ask any questions. Afterwards, you will receive a letter listing any adjustments and any resulting fees, penalties or interest. You do have the option to dispute their findings if you are in disagreement, possibly even taking it to tax court.
An ounce of prevention is worth a pound of cure so we work closely with our clients to ensure all filings are as compliant as possible. Should an audit letter arrive, we do our best to ensure CRA’s impact on your operations is the least intrusive possible. This includes having the auditor meet us at our office instead of yours, and where possible negotiating with the auditors both on their scope and the results of their findings.
We can help with an audit even if you’re not an existing client. This can involve a little more work upfront, but if you have received a Notice of Audit from CRA and you’re looking for the backing of a Chartered Professional Accountant then let’s talk.