Complete Audit Tax and Advisory Services & Solutions
We specialize in delivering comprehensive Tax Audit Services in Canada, offering a spectrum of auditing processes and accounting services. Our team of tax professionals ensures accurate records, tax compliance, and expert auditing, providing you with enhanced financial management solutions.
Expert Personal Audit Services & Solutions
We provide comprehensive and personalized audit services in Canada, empowering you to gain a clear understanding of your financial health and understand CRA challenges with confidence.
Borrow Our Brilliant Tax Auditing Brains
Choose us for our expertise, not just a service. We offer a seamless blend of skill, experience, and dedication, ensuring your financial records are in capable hands. Trust our commitment to accuracy and confidentiality, making us the brilliant choice for your tax audit needs.
CRA Tax Audits Done By Our Expertise
Facing a CRA audit? Our seasoned professionals provide invaluable assistance in navigating CRA audits seamlessly. With our deep understanding of CRA auditors’ processes, we assist in presenting accurate financial records, ensuring a smooth audit experience.
One-Click Tax Audit Services With Expert Assistance
Simplify your tax audit process with our one-click Tax Audit Services. Our expertise in CRA audits and tax planning allows us to assist business owners in maintaining precise books and records. From scrutinizing financial statements to examining bank statements, we ensure your tax returns comply with tax laws.
Why Choose Us?
At AIV, we stand out for our:
- Expertise: Seasoned professionals proficient in CRA audit processes.
- Tailored Solutions: Customized services meeting individual business requirements.
- Reliability: Accurate, compliant, and timely delivery of tax audit services.
- Strategic Guidance: Proactive tax planning and strategic financial advice.
Our expertise guarantees tax compliance and a comprehensive understanding of your financial landscape. Let us handle your tax audit needs while you focus on growing your business.
Enhanced Financial Management with Expert Audit and Tax Services
We aim to empower your business with enhanced financial reporting through our expert Audit and Tax Services. Our tailored audit programs and in-depth analysis of financial records aid in informed decision-making, helping you navigate the complexities of tax audits effortlessly.
Accurate Records, Tax Compliance, and Audit Expertise
We prioritize accuracy in records and tax compliance, providing unparalleled audit expertise. Our services cover every aspect, from reviewing income tax returns to analyzing bank accounts, ensuring meticulous adherence to CRA audit standards.
Comprehensive Accounting Auditing and Tax Services for Your Business
We offer comprehensive Accounting Auditing and Tax Services tailored to your business needs. Our team specializes in guiding clients through complex tax laws, offering strategic tax planning, and assisting in maintaining meticulous financial statements.
Informed Decision-Making with Our Expert Audit, Tax, and Consulting
We empower informed decision-making through our Audit, Tax, and Consulting services expertise. Our comprehensive understanding of CRA auditors’ methods aids in the proactive management of tax audits, ensuring clients are well-prepared and informed.
What Triggers A CRA Tax Audit?
A CRA auditor (together with computer software) evaluates your income tax return after you file it. The CRA randomly examines tax returns, but certain factors may cause auditors to examine your taxes more closely.
The following scenarios make you more likely to be audited:
Unjustified Cost Claims
Rounded Figures
Lack of T-Slips
Working in Specific Sectors
- Retail
- Construction
- Restaurants
Self-employed or Independent Contractor
Additional Salaries for Family People
How CRA Auditors Audit You
If CRA auditors select you for an audit, they will contact you by phone. CRA will also send you a detailed letter about the process.
If you want to verify that it’s a CRA auditor calling you, get help with a personal tax audit, or stay calm until you receive a confirmation letter for a tax audit. You can also call the agency directly through the CRA’s hotline. The CRA audit tax helps to ensure a smooth tax process for everyone. So, give the auditor access to your records and books.
The CRA auditor can also visit your business office or ask for documents to complete the audit. Ensure your availability whenever the auditor wants to visit or inquire about something during an audit.
During your audit, the auditor may want to look at the following documents:
- Business records include ledgers, journals, receipts, invoices, contracts, and bank statements.
- Personal records of an owner, such as personal accounts, bank statements, credit card statements, and mortgage documents.
- Personal or professional files of organizations or individuals associated with the business owner(s) (for example, corporations, trusts, spouses, family members, or partnerships)
Moreover, the CRA can also speak with your bookkeeper, personal accountant, corporate tax accountant, or employees about the reported tax returns and books.
he auditor will indirectly validate your reported business income through other references or alternative methods. Generally, CRA uses the following methods:
- Your recorded income does not match your living expenses.
- You combined the use of your personal and company bank accounts.
- The industry in which your company operates carries a high risk of unreported income.
- A small group or a single individual handles most of the accounting required.
- Your reported business income is lower when compared to similar businesses in the same industry.
This verification technique goes beyond your records and books. It consists of a complete assessment of your living using accounting records and other helpful information such as vehicle registration and land title information.
The CRA also verifies your family members or contributing household members’ financial records when needed. This shows a detailed financial picture of your house.
How Long Does A CRA Tax Audit Take?
The time the CRA tax auditor takes depends on your business records and data. A delay may happen if the documents, records, and statements you provided need to be clarified.
So, take help with personal tax audits to seek alternate techniques to verify the amount stated on tax returns.
Delays may also come from the tax auditor when absent due to personal reasons or consulting on other audits.
After A CRA Tax Audit
Once auditors complete their investigation of your business, they will provide you with a tax audit assessment summary. If CRA doesn’t demand any further changes, the audit ends, and you don’t need to do more.
If CRA wants a few changes to tax returns, you must make that change within 30 days. After that, you can agree to or dispute the CRA’s auditor investigations.
FAQs
1. What Takes Place In The CRA Tax Audit?
When the Canada Revenue Agency (CRA) conducts a tax audit, it examines taxpayers’ books and records to ensure they pay their taxes, follow the law, and obtain appropriate benefits. Everyone participating in this process may feel very hard.
In Canada, most taxpayers file their taxes according to CRA. Anyone can undergo a CRA tax audit. The CRA selects haphazardly for an audit that feels entirely out of the blue.
2. How Many Years Can CRA Go Back In An Audit?
Generally, an audit looks at 3 to 4 years of records. If there is no suspicion of gross negligence or fraud, in that instance, the CRA will go back as far as is necessary to conduct an audit. However, it is the CRA’s responsibility to demonstrate willful misconduct or fraud.
The CRA is free to conduct an audit at any time as long as they can demonstrate that they have reasonable suspicion that the taxpayer is filing a false or fraudulent tax return.