Category Archives: Tax Audit Canada

Getting the Best Tax Audit Help

No one is going to be happy when they hear that they are subject to tax audits, but knowing that there are people available to offer tax audit help will provide some comfort. It is easy to make mistakes and this can lead to issues with the CRA so making sure that you have all the information in place and the forms are correctly filled in will make life a lot easier.

Paying for tax audit help may not be something that you want to do but when the cost of this is considered against the penalties that the CRA can levy then it is clearly the sensible option. It can be soul destroying trying to work out what you need to do when you are about to be audited and simply having someone to talk to and get advice from can make the world of difference. Tax audit help is not just a matter of working around the law but also about making sure it is a gentle process – or as gentle as possible.

When you are being audited, you are bound to be stressed and you will be aware that the people carrying out the audit will not be looking for ways to save you money. They will want to make sure that they are able to come to a figure that means you pay as much as possible within the law. Tax audit help will make the figure as low as possible for you, but again it has to be within the law.

When you have tax audit help there will be very few times when you have to deal with the auditors since the responsibility can be passed on to a tax professional. It will leave you free to get on with your life, and carry on with your job. This will always be important, but even more so if you are running your own business.

The professionals will know the best ways to deal with an auditor and will be able to deal with them calmly. They will take the tax audit help they are giving you seriously, and will be able to stay calm and focused when faced with decisions or suggestions they don’t agree with. Their calmness will make the process quicker and much more pleasant.

Just because you have tax audit help, it does not mean that you can avoid the auditors altogether. They may want additional information and it may have to be in writing. The tax professionals helping you will be able to assist in drafting the reply so as it is both accurate and in your best interest. All your questions will be answered and you will be helped to understand why the specific questions are being asked. It would be best to avoid a tax audit altogether, but if it cannot be avoided, do not go into it without tax audit help.

Tax Help to Prevent a CRA Audit

Quite often you will be subject to a CRA audit because they feel there is a problem with the tax return you have filed. It does not mean there is a lot of trouble to come, but it will not always be easy and it will be hard to determine what has triggered the audit. It could be something very simple, so go through the account you put in and see if anything stands out. As they compare year on year they will be looking for inconsistencies and this could be the reason for the CRA audit.

It could be that you are claiming to have earned vastly less than you have in previous years. If this is genuinely the case then there is no need to worry, but the CRA will have details of your salary so can check. If it is found to be a incorrect and the CRA audit picks this up, you can be fined for making these false claims. Repeated offences will lead to greater penalties so always take care. If you are concerned that you have made a mistake, you can use the services of a tax consultant or company who will be able to guide you through the process.

It could be that there is not a full list of investments listed and the interest you have received has not been declared. You also need to give details about payments that are made towards your retirement. If you are running your own business you need to make sure that the figures are accurate and if there are regular losses, there may become an issue surrounding the business statements you submit. A CRA audit may not be held if the business is new, but losses year on year will be questioned.

When it comes to residency you need to pay taxes in Canada even if you are not living there all year. It does not matter whether your removal from the country is holiday or business related, you will need to pay tax if you are using a Canadian bank account or have a home there. A CRA audit will always pick up on spending habits and this will be when you are spending a lot. If there is suddenly a lot being charged to expenses there will be the need to explain, as will expenditure that seems to be high for your income bracket. There will be the suspicion that you are making money in addition to the salary that you are declaring and this could trigger a CRA audit.

When you work with a professional to fill in your form you are more likely to do it correctly and avoid the issues that can trigger a CRA audit. It can be easy to claim for something you should not and this is going to land you in trouble. Even certain expenses will come under scrutiny, so all receipts should be kept so as you can prove that the expenditure occurred. There is nothing wrong with admitting that you need help and hiring someone to help with the forms can help you avoid a CRA audit.

The Benefits of getting help on CRA tax audit

No matter how accurately you have filed your returns and paid them on time, possibility of tax audit from the CRA is inevitable. It is for the purpose that along with taking precautions on guaranteeing tax return accuracy, getting help on CRA tax audit is also very helpful.

You will need to hire services from a reputed, experienced tax resolution company. This tax resolution company deals with such problems and provides necessary tax audit help on a daily basis. Not only does help on CRA tax audit relieve taxpayers from the stress and agony they otherwise have to go through with the CRA audit rather they also work in your interest along with the CRA. Often taxpayers feel rather vulnerable and defensive during the audit process and in order to feel better and deal better with the process, it is essential that some information be on hand to deal with the situation.

Any auditor that audits your assets will be looking to assess your taxes and has no intention to protect your interests. Also dealing directly with the CRA can be disastrous and letting a tax expert handle them, may prove to be more productive. CRA auditors will often ask taxpayers to provide detailed information and documentation to assess all taxes besides wanting you to answer questions that they have regarding your assets. In order to be prepared to answer all those questions and provide all required documents, hiring help on CRA tax audit may prove beneficial in the long term. One benefit is to let you off the stress and let the tax expert handle the CRA auditors and let you focus on how to make your living peacefully. Also assessing any asset wrongly will also result in wrong calculation of taxes which can cost you dearly.

A tax expert can offer initial consultation which will prepare you to face the CRA auditors besides handling them as well. Of course the CRA auditors will need you to answer a few questions however hiring help on CRA tax audit will ensure that you face the least possible exposure with the auditors while they handle all the requirements and smoothly guide you through the audit process.

Also hiring professional help on CRA tax audit ensures that the audit process reaches an efficient and quick resolution while minimizing any chance of a mistake or any misunderstanding that may occur from an auditor.

CRA has prime authority to seize and demand for documents that they may require from related parties and accountants that are connected to you. These discussions, notes and documents can also be used against you by the CRA if they wish whereas hiring help on CRA tax audit and sharing information with them assures and guarantees that no shared information is leaked out. Also CRA has no authority whatsoever to demand for any information from outside hired services.

Giving complete details to a tax expert and hiring help on CRA tax audit ensures that all your tax returns are filed effectively and all written submissions are properly submitted, along with discussing and explaining your position clearly to the auditor relating to certain issues.

Summary

Hiring help on CRA tax audit can be very beneficial for taxpayers. Tax experts can efficiently handle all matters with CRA auditors and get you through the process instantly and easily. To relieve you off the stress of audit, hire help on CRA tax audit and get through without much stress and anxiety.

Tackling and Surviving a CRA Tax Audit

The best thing to do when you receive a CRA Notice of Assessment is to stay calm and deal with it. You have to open all the brown envelopes that you get from the CRA. If you happen to receive calls from the CRA, you have to receive them without flinching or return them promptly if you have missed them. When you start ignoring tax problems, they do not go away. They come back strongly at you in the shape of a CRA tax audit.

CRA tax audit will generally be notified in a letter format. On some rare occasions, a telephone request would be made by the CRA. This letter will set out the details like the audit years or the auditor’s contact information. It would also include a list of papers that the CRA may wish to inspect and this could include your financial statements, copies of tax returns, schedules of depreciation or payroll records.

When you are going to be reviewed with a CRA tax audit, you have to respond calmly and submit all the information that is being requested. To be specific, if the CRA wants to review your travel expenses, they will set out a date for you to provide the necessary documentation to support what you have reported in your tax return. You have to make sure that you are able to meet the deadlines that have been set by the CRA tax audit. When you have all the necessary paperwork to support your case but you are tardy and late in sending the information, you will get your tax return reassessed without giving you the credit. You will have to go through filing an adjustment to make the claim once more.

As a taxpayer, it is not possible that you will be able to stay organized every time. Sometimes, you will not be able to find all your tax related documents at one place. But the fact remains that you have to submit all the documents that are required in a CRA tax audit. Your tax consultants or the CRA are not going to come around and help you in finding the documents. Any excuse about not being able to locate the required documents will not be accepted by the CRA.

One of the rules of the CRA tax audit is that if the review ends in a reassessment, it is wiser to pay the tax balances promptly so that you avoid interest charges subsequently. Any disagreement you have can be taken care after the payment through a Notice of Objection. Should the CRA reverse its decision your reassessment, you will get your money back.

It is better to take the help of the tax accountants to help you in these tax battles. If you feel that you are receiving unfair treatment from the CRA, you can lodge a complaint with the Taxpayers’ Ombudsman Office. This office will review all complaints related with service and make sure that the Taxpayers’ Bill of Rights is adhered to, even if it cannot change all the tax laws in your favor.

Why is it important to get professional Canadian Tax Audit Help?

When you get a letter in your mail from CRA, it is time to get yourself Canadian tax audit help. If you want to handle tax filing and face a tax audit yourself, then it could develop into a nerve racking experience for you. Income tax audits are slowly but surely becoming a certainty just like life and death in Canada, . A tax audit could be frightening but it may not become inscrutable. Success can be achieved in this madness through the right kind of advice from tax audit experts.

A tax audit could be described as a scrutiny of your tax returns. During the process of an audit, a CRA examiner will make an assessment of your tax return, line by line. If something is not found to add properly or if the return includes something which is unusual, the examiner will highlight the errors or discrepancies and will ask you to explain or justify your entries. This is why you need Canadian tax audit help.

When you seek tax audit help in Canada, you will find out that there are different kinds of tax audits. They could be office, correspondence or field audits. Canadian tax audit help will prepare you in how you can avoid such investigations. Through correspondence audit, CRA will examine and correspond through mail. This is usually for the common tax return issues like missing schedules or forms or illegible entries and calculation errors.

In a field audit, you will require tax audit help because the CRA examiner will visit your house in order to verify the information that you have submitted on your tax return for that financial period.

You will require Canadian tax audit help even during an office audit where you have to go to the office of a CRA examiner. The examiner will mostly require your tax accountant or representative to prepare and bring all the documentation such as receipts, pay stubs or account statements.

Once you receive information about a tax audit, you have a month to respond and get adequate Canadian tax audit help. If you do not agree with the points laid out by the CRA concerning your tax returns, you may appeal their findings. This appeal will be handled by a CRA Appeals Officer and the proceedings may go on for a year or even longer.

If you have taken a client on business entertainment to a restaurant, it could become a business expense that could be justified. When you get Canadian tax audit help, you will be shown how you can maintain the relevant receipts and give out proper explanations for all audit queries.

A period of three years is set aside as a limitations’ statute on the audit of tax returns that were filed within the time limit. If you keep records properly and get professional Canadian tax audit help, you could handle whatever audit inquiries the CRA may have.

CRA Tax Audit Proof Financial Reporting in Canada

The Canada Revenue Agency requires that all businesses retain at least six years of financial reporting by law. Companies seeking CRA tax audit solutions should look for tools for leaving the best audit trail so that accounting is transparent.

By documenting the sequence of events behind every business transaction, a company will be in compliance rules to audit reporting. The CRA requires that businesses leave an audit trail. CRA tax audit solutions include record of receipts and inventory as evidence of expenditures.

E-commerce has added new CRA tax audit solutions to reporting. Electronic email and web log records confirm transactions. Audio recordings of phone-based transaction are valid CRA tax audit solutions used for audit record. The CRA requires e-commerce businesses to retain information about all transactions conducted via internet or telephone. Electronic record is a CRA tax audit solutions to supply details about sales transactions.

Formal records management CRA tax audit solutions such as electronic storage provide record of financial transaction. Paper records generated in digital format are also CRA tax audit solutions. The CRA allows for scanning of receipts and bill of sale in for official review. Records originally provided in electronic format must be retained in this mode, and may be supplemented by print out.

Companies subscribing to third party merchant services payment gateways may obtain data on e-commerce transactions from their provider. Some companies offer separate online billing software applications and record. Accuracy of record is part of the obligation of firms, and should be subject to review by an accountant or financial controller in the interest of the taxpayer.

Follow the rules for CRA reporting

Canadian companies using storage of financial records in a data storage location external to Canada or Canadian registration are responsible for compliance of information to CRA rules. Computer or servers outside of Canada are generally not in compliance with CRA requirements. Registration of file storage should be reviewed prior to reporting of financials. Companies may seek permission to house financial records outside of Canada from the CRA with request for feedback about the rules and regulations guiding this relationship.

Internal record of taxpayer contributions to the Canada Pension Plan, employment Insurance, and related income tax payments should retain record about worker performance and compensation. This includes any financial record in support of payment obligation abided by the taxpayer.

Companies using an outside source of tax solution for audit accounting should pay special attention to the management of payroll tasks. Employers are legally responsible for ensuring accuracy of this record in respect to employee taxpayer record. The CRA requires six years retention of those records. Quebec businesses must retain additional information in the interest of employer and employee obligation to tax.

Taxpayer control of data by way of third party merchant services provision often includes the latest software application as system tax solutions. Databases used for financial control of operations accounting in Canadian businesses should be reviewed in correspondence with CRA’s requirement to audit proof reporting. For more information about CRA accepted tax solutions, contact Tax 911 Now at 1-877-918-2991.

Need CRA Tax Audit Help in Toronto?

There is nothing to be ashamed of when you find yourself in a difficult tax audit situation. The Canadian Revenue Agency (CRA) will want to make sure that you have paid all of your recent taxes that are due. If you have missed payments or forgotten to file a return, they will likely want to review your records. This can sometimes trigger a tax audit, which may cause some fear in people. If you don’t want to have to go through the extensive auditing process alone and have to pay fines to the CRA. If you live in the Toronto, York Region, Durham Region and more, you will want to find CRA Tax Audit Help to deal with these issues.

Tax 911 Now is the better way

Some people might be interested in hearing about the advantages that Tax 911 Now’s CRA Tax Audit Help can bring to them. To understand these advantages, they will need to think about how much they might owe to the CRA if the audit dealing fail. The CRA will find a way to request that these tax payments be made to them. They might be able garnish your wages, for instance. This would mean that a certain amount would be subtracted from your paycheck each month. All of this money would be transferred to the CRA until your tax debts were paid off. You can avoid issues like this if you seek out CRA tax audit solutions. These CRA Tax Audit Help can be well worth the investment for many people who might be looking to find this kind of help. Local Toronto residents may be facing some considerable tax issues these days. If you want to find a solution to some of these problems, consult with the experts at Tax 911 Now.

CRA Tax Audit Help by Tax Experts

Other people may be curious about how these CRA Tax Audit Help can work for them. The first step will simply be to contact a representative from Tax 911 Now. If you do this, they will link you up with an experienced consultant. Give this consultant some basic information about your tax issue, so you can get direction on what steps you should take. The CRA Tax Audit Help will be tailored for the individual who needs them. Tax 911 Now has years of experience doing this, we understand what you need in your CRA Tax Audit Help. There are many people who simply become overwhelmed by tax audits, but you don’t have to let that happen to you.

Let Tax 911 Now try to reduce your tax penalties

Finally, don’t forget that you can reduce the risks of future audit by dealing with these CRA tax audit properly and successfully now. Tax 911 Now has the expertise to guide you through the complicated audit process. You will be so relieved once the audit is over with satisfactory results. We will provide you with the optimized CRA Tax Audit Help once you become engaged with Tax 911 Now. This could be the best solution for many people living in the Toronto, York Region, Durham Region and more. You can call 1-877-918-2991 to get started for a free consultation.