Revenue Canada Auditing Your Taxes?

So, you’ve done your best this year to keep track of all your income, expenses, and receipts. You filed your taxes by the deadline, or even earlier, and you’ve already received your tax refund and gone out and bought that brand new automobile you’ve been wanting. You’re feeling pretty good about yourself, when all of a sudden, you’re informed that you’re being audited by the Canada Revenue Agency. Before you stop opening your mail or answering the phone, go into hiding, lose sleep, or even your head, here is some information on how The Canada Revenue Agency conducts its audits and information on how tax professionals can help you with your Toronto CRA tax audit solutions.

How The CRA Selects Its Audits

Computer generated lists are the most common way the CRA selects its audits. All returns are stored electronically in computer systems, which allows the CRA to sort returns according to various groups. The CRA compares selected financial information from the current year and various years of tax payers engaging in similar business or occupations. A computer generated list is compiled, and the CRA selects from the list, who will be audited. But, the CRA can also conduct its audits based on audit projects, leads, and secondary files.

  • Audit Projects – The CRA tests the compliance of a particular group. If the group tests indicate non compliance among the group, this can trigger an audit.
  • Leads – Other audits, investigations, and outside sources can trigger an audit.
  • Secondary Files – Sometimes audits are conducted based on a partnership or association with a previously audited person or business.

How CRA Conducts Its Audits

If your return is selected for an audit, the CRA will review your records either at their office or at your place of business. Records for audit include the information on file at the CRA office, selected returns, financial statements, previous audit reports, business ledgers, journals, bank accounts, sales invoices, purchase vouchers, and expense accounts. To avoid delays, the CRA recommends keeping well-kept records.

Toronto CRA Tax Audit Solutions

If you find that you are facing a tax audit and are looking for CRA tax audit solutions, let Tax 911 Now, a professional and dedicated team of tax professionals, help you. Tax 911 Now, serves the Toronto, York region, Durham region and more. Tax 911 Now has in depth knowledge and experience with CRA tax audit solutions. This team of tax professionals can help you with CRA tax audit solutions such as tax audits, unreported income, overdue tax arrears problems, Canadian tax relief, tax collection problems, wage garnishments, bank levy, GST/HST audits, PST audits, business expense disallowed, voluntary disclosure programs, tax amnesty or tax pardon, demand to file and more. Tax 911 Now is available to help with all your CRA tax audit solutions, so come in for a visit today.

Tax 911 Now is available to help customers in Toronto, Markham, Calgary, and Vancouver and more with all their CRA tax audit solutions.