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Is the CRA Auditing You or Your Business?
Excitement is never a great word to describe a tax audit. In fact, from the perspective of someone audited, it can be a very stressful time. So, find your peace with a CRA audit accountant in Mississauga, Toronto, Ottawa, London.
We have professionals available with experience across many industries. Our team at Dean and Associates Accounting will walk you through your full tax audit. So, you can put your trust in us to get you through every question that you’re faced with. We are certainly here to provide peace of mind for your CRA tax audit.
The CRA are Increasingly Auditing Businesses in the Following Areas
- Payroll: Maintaining payroll records are essential. Filing the appropriate slips whether they are T5, T4, T4A, etc are critical. Any paid over $500 should be issued a T4 or T4A slip depending on the nature of the work and arrangements. Our clients get this service as part of their package so if the CRA calls an Audit we are ready without any costs to the existing clients provided we did the bookkeeping.
- Personal tax deductions: CRA can ask for rent receipts, tuition receipts, medical receipts, rental property deductions, Professional and Union dues, travel, car logs for employment or business usage, donation receipts, etc. It is critical to maintain these receipts in case the CRA contacts you.
- GST/HST returns: Electronic bookkeeping and maintenance of GL’s are critical along with the proper receipts and GST #’s should be on all invoices in order to claim the input tax credits amongst many area’s. The invoices should be under the business or corporation and pertain to the period concerned. Also if there is personal usage then the input tax credits should be adjusted accordingly. There should be a clear segregation of personal and business expenses. Even cell phone plans should be corporate to defend the input tax credits and also the vehicle’s and insurance should be under the corporations name.
- Notice of Objections: If you are not pleased with the decision of the CRA you have a certain time period to file an objection.
- HST refunds denied for purchase of new property: Several times clients wrongly designate rental properties as primary residence and upon audit are denied by CRA. It is critical to correct this immediately and file the necessary forms in a timely manner to safeguard the refund and clarify the CRA objections.
When Do I Need CRA Audit Accountant?
When the CRA starts calling, we are here to help you. Our firm offers solid assistance to help you through the stress of an audit. Specifically, we can help with the following tax situations.
Personal Tax Returns
We are a team of professionals ready to help you with: unfiled returns, unreported income, documentation requests, foreign taxes paid, foreign tuition, rental income audits, and much more.
Corporate Returns
Many corporate returns are audited each year. For this reason, our team is here to help you through the process. These audits can be for payroll, corporate returns, or HST evaluation.
HST Rebate Audit
We help our clients with their tax filings to ensure they receive their full HST rebate. Even if you need disputes, we work with you until you get the correct return. Don’t go it alone. Instead, contact our experienced team.
Collection of Tax Debts
If you must pay into the CRA, then we help our clients create the best possible payment plans. We help you find the best solution for tax settlement.
So, contact us when you need a CRA audit accountant in Mississauga, Toronto, Ottawa, London.
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