Are you or will you soon be undergoing an audit?
A Canada Revenue Agency review of your personal or business affairs is a serious matter, one which could lead to reassessments, shocking penalty and interest charges, financial hardship and perhaps bankruptcy. In extreme cases criminal charges may ensue.
Initially an auditor will contact you and set up a time and a place for the audit, usually at your home or place of business. During your audit the auditor will review all relevant records which will include:
- All information currently held on file to include all tax returns, financial statements and reports from previous tax audits.
- All business records including ledgers, journals, expense account details, sales and purchase invoices and financial records and statements.
- Any other information the CRA has on file.
If the audit is conducted at a place of business the auditor will want to speak to employees, especially those involved with accounts. They may also wish to inspect the premises to get a better feel for the business and how it works.
Because every audit is serious it is important to have professional tax representation in order to ensure that your rights are safeguarded. Without professional counsel you will find yourself at a disadvantage.
Let us guide you through your next tax audit. Our team of experienced accountants, lawyers and former CRA employees can offer you the best tax defense. We will conduct a thorough analysis of your case to present the most favorable strategy. During the last 25 years we have helped hundreds of individuals and businesses resolve their tax problems.
Contact National Tax Service today. It is never too early to defend your tax position.