CRA Tax Audit Support, CRA Business Audit Services

Overview of CRA Tax audit

chartered professional accountants

If you find yourself facing a CRA Business Audit or review, there’s no need to panic. The CRA isn’t always correct, and an audit isn’t a death sentence. However, it’s crucial to ensure that your bookkeeping and accounting are up to date before the CRA inspection begins.

CRA Tax Audit vs Tax Review

A tax review is a request for additional information if the CRA finds errors in your tax return at the time of processing. The CRA may send you a Notice of Reassessment or call you asking for details about your business account.

A CRA Tax Audit is a detailed examination of your books and records to determine if you have fulfilled your tax obligations. If the CRA is not satisfied with your response to a tax review, they can audit you up to six years after issuing a Notice of Assessment or at any time if they suspect fraud.

SAR Professional Corporation, Chartered Professional Accountant provides Tax Audit Services, helping individuals and businesses deal with Notice of Reassessment and tax audits in an efficient and anxiety-free manner.

Received a Notice of Reassessment?

Facing a CRA Tax Audit can be stressful, but with the right guidance, you can protect your business and minimize financial risks.

When CRA Business Audits Happen

The CRA may audit when there are discrepancies in your tax return, unusual claims, or random selection to verify compliance.

Your Options After Reassessment

Accept and pay the amount owed or file an objection; unpaid balances accrue daily interest.

Purpose of CRA Tax Audits

To review your records and confirm your reported taxable income under Canada’s self-assessment system.

Comprehensive Tax Audit Services

We prepare all required documentation, represent you in CRA discussions, and negotiate payment plans if needed.

Expert CPA Representation

Our Chartered Professional Accountants use in-depth tax law knowledge to reduce penalties, secure fair outcomes, and give you peace of mind.

With SAR Professional Corporation’s trusted Tax Audit Services, you’ll have experienced professionals safeguarding your rights and guiding you through every step of the CRA Tax Audit process.

Is your business facing a cra tax audit?

Although audits of business accounts are quite rare, the odds of being audited increase in the following cases:

If the CRA suspects you have overreported home office expenses

Your business expenses are higher compared to others in your sector

You belong to an industry that raises audit red flags (retail, construction, wholesale/distribution, food service and manufacturing)

Your business is making recurring losses (every business makes losses – be sure to maintain updated and correct financial documents)

Your business runs primarily on cash transactions

If there are huge discrepancies in your tax return, then CRA auditors will put you under audit. No matter what the agency’s reason to examine your financial accounts is, you can sail through the audit process with our experienced Chartered Professional Accountants by your side.

We offer a complete solution to manage CRA issues! tax audits

Payroll tax audit support

We review your payroll reports and check your financial records to determine if the amounts you’ve reported match those in the documents. The payroll auditing process typically involves an inspection of your ledgers, payroll deduction remittances to the CRA, sales invoices, and expense accounts. We assist in bringing all payroll records up-to-date and organizing them to make it easy for the auditor to find what they want.

GST audit support

In a GST audit, you will be asked to provide a number of supporting documents besides invoices and receipts. They include your general ledger, credit card receipts and a detailed listing of GST collected and input tax credits (ITCs) claimed, among others. After you submit the documents within the 30-day deadline, the CRA may request additional documents. With our GST tax filing and audit support, you can overcome non-compliance issues quickly and establish an efficient GST process.

Why choose sar professional corporation, cpa?

We have successfully navigated numerous audit scenarios and dealt with both simple and complex CRA issues. Regardless of the scope of your audit, we can assist you in preparing for the process.

Our effective representation during a CRA Tax Audit is far more cost-effective than the potential thousands of dollars in tax bills that the CRA may present you after scrutinizing your financial records.

We provide comprehensive support throughout the audit process as part of our Tax Audit Services, working towards ensuring the most favourable outcome for your situation.