CRA Audit Assistance
Being audited by the CRA can be one of the most stressful events for you. Streamline Accounting understands the CRA auditing process and can ensure you are ready for it. If you know what to expect from the process, you’ll remain in control of the situation.
CRA Audit Assistance from Streamline accounting can help you with:
• Preparation - The CRA will ask you for a large number of specific documents. We’ll make sure you have those documents ready.
• Information - The audit process can be a long and winding one. We have experience dealing with it and can pass the knowledge off to you so you know what to expect.
• Advice - Whether you want an answer to a question or simply would like to have another tax expert look over your audit, we are here to help you.
CRA Audit Assistance from Streamline accounting can help you with:
• Preparation - The CRA will ask you for a large number of specific documents. We’ll make sure you have those documents ready.
• Information - The audit process can be a long and winding one. We have experience dealing with it and can pass the knowledge off to you so you know what to expect.
• Advice - Whether you want an answer to a question or simply would like to have another tax expert look over your audit, we are here to help you.
Being audited by the CRA can be one of the most stressful events for you. Streamline Accounting understands the CRA auditing process and can ensure you are ready for it. If you know what to expect from the process, you’ll remain in control of the situation.
CRA Audit Assistance from Streamline accounting can help you with:
• Preparation - The CRA will ask you for a large number of specific documents. We’ll make sure you have those documents ready.
• Information - The audit process can be a long and winding one. We have experience dealing with it and can pass the knowledge off to you so you know what to expect.
• Advice - Whether you want an answer to a question or simply would like to have another tax expert look over your audit, we are here to help you.
CRA Audit Assistance from Streamline accounting can help you with:
• Preparation - The CRA will ask you for a large number of specific documents. We’ll make sure you have those documents ready.
• Information - The audit process can be a long and winding one. We have experience dealing with it and can pass the knowledge off to you so you know what to expect.
• Advice - Whether you want an answer to a question or simply would like to have another tax expert look over your audit, we are here to help you.
Tax Audit Process:
Tax audits involve several stages. Firstly, there's an initial review to ensure the accuracy of the tax return and the inclusion of all relevant information slips like T4s and T5s. Upon approval, a notice of assessment is issued.
Following this, a desk audit may occur, requiring supporting documentation for specific tax credits or deductions. Responding within the provided timeframe is crucial, as non-compliance may result in the removal of these benefits. The next level is a field audit, where a tax auditor visits the workplace to review documentation for transactions, including bank statements and invoices. If there's evidence of reckless tax practices, errors in self-filing, or inadequate professional advice, the Canada Revenue Agency's criminal investigations unit may become involved. This is a situation to be avoided, given the severe penalties associated with tax evasion. Do you need assistance with your tax audit?
Tax audits involve several stages. Firstly, there's an initial review to ensure the accuracy of the tax return and the inclusion of all relevant information slips like T4s and T5s. Upon approval, a notice of assessment is issued.
Following this, a desk audit may occur, requiring supporting documentation for specific tax credits or deductions. Responding within the provided timeframe is crucial, as non-compliance may result in the removal of these benefits. The next level is a field audit, where a tax auditor visits the workplace to review documentation for transactions, including bank statements and invoices. If there's evidence of reckless tax practices, errors in self-filing, or inadequate professional advice, the Canada Revenue Agency's criminal investigations unit may become involved. This is a situation to be avoided, given the severe penalties associated with tax evasion. Do you need assistance with your tax audit?
Tax Audit Process:
There are a few tax audit processes. There is an initial review, desk audit, field audit and criminal investigation. The initial tax audit review ensures the tax return is mathematically correct and all the information slips have been included. For example, CRA will ensure that all the T4’s and T5’s have been included. If this looks fine, then a notice of assessment will be issued. After this, CRA may perform a desk audit. CRA may request supporting documentation for certain tax credits or tax deductions. They will usually provide a certain time frame to respond. If you don’t respond, CRA will remove the tax credit or tax deduction. The next tax audit level is a field audit. The tax auditor, will show up at our place of work and want to review supporting documentation for certain transactions such as the following: bank statements to check deposits, invoices to substantiate expenses, etc. Now, if you have beentaking reckless liberties with your tax returns, made mistakes with self -filing, or received incompetent professional advise, the CRA has a criminal investigations unit. The CRA will get this department involved when criminal charges may be laid, which is something you want to avoid at all costs. Tax evasion penalties can be severe.
There are a few tax audit processes. There is an initial review, desk audit, field audit and criminal investigation. The initial tax audit review ensures the tax return is mathematically correct and all the information slips have been included. For example, CRA will ensure that all the T4’s and T5’s have been included. If this looks fine, then a notice of assessment will be issued. After this, CRA may perform a desk audit. CRA may request supporting documentation for certain tax credits or tax deductions. They will usually provide a certain time frame to respond. If you don’t respond, CRA will remove the tax credit or tax deduction. The next tax audit level is a field audit. The tax auditor, will show up at our place of work and want to review supporting documentation for certain transactions such as the following: bank statements to check deposits, invoices to substantiate expenses, etc. Now, if you have beentaking reckless liberties with your tax returns, made mistakes with self -filing, or received incompetent professional advise, the CRA has a criminal investigations unit. The CRA will get this department involved when criminal charges may be laid, which is something you want to avoid at all costs. Tax evasion penalties can be severe.