Audits & Reviews
The Canada Revenue Agency (CRA) regularly selects tax returns for review.
I help prepare you for a tax review by educating you on the process and ensuring you have all important records on hand.
I provide advice and services for the following:
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Audits & Reviews FAQ's
Please contact me and I will be happy to assist you and explain the Notice (s) you have received and we can take it from there.
Please contact me and I will be happy to assist you and explain the review notice (s) you have received, and we can take it from there to collect all the documents, slips, receipts applicable to the review. You have 30 days from the receipt of the letter to reply, however in some circumstances you can ask for an extension if more time is needed
A tax audit is a comprehensive review of a taxpayer’s financial records and tax return by the Canada Revenue Agency (CRA) to verify the accuracy of reported income, expenses, and tax liability.
There are several factors that can trigger a tax audit, including high income, large deductions, inconsistent information, and red flags such as income that is not reported on a tax return.
Even if you do not have to attach certain supporting documents to your return, or if you are filing your return electronically, keep your supporting documents for 7 years in case CRA asks you to provide them later
During a tax audit, the CRA will review your financial records and tax returns to ensure that all income and expenses have been reported accurately. The audit may include a review of bank statements, receipts, invoices, and other financial documents.
If you are audited, you will be required to provide documentation and financial records to support the information reported on your tax return. The outcome of an audit may result in additional taxes owed, penalties, or no change to your tax liability. Please contact me to discuss further.
Yes, you can represent yourself during a tax audit or review, but it is recommended to seek professional assistance from a tax service firm. I can help you navigate the audit process, provide expert advice, and ensure the best possible outcome.
The length of a tax audit varies depending on the complexity of the case and the availability of records. Some audits can be completed within a few weeks, while others may take several months or longer.
If you don’t cooperate with a Canadian tax audit, you may face additional penalties and fines. It is important to comply with all requests from the CRA and provide the necessary documentation in a timely manner