SAU CONSULTING & BUSINESS ADVISORY SERVICES
CRA AUDITS CANADA www.sauconsulting.ca
CRA Audits
Canada Revenue Agency (CRA) might also additionally choose to audit a person or enterprise even though there may be no reason to do so. Generally, CRA can best audit a person as much as 4 years after a tax goes back has been filed, although, in a few instances, including a case of suspected fraud or misrepresentation, CRA can move further returned and there may be no time restrict for the re-assessment.
GENERALLY, IT IS RECOMMENDED THAT PEOPLE KEEP THEIR INFORMATION FOR AT LEAST SIX OR SEVEN YEARS.
CRA Audits in Canada?
If there is an inequality in your reporting, such as not including income that an employer has reported, CRA may simply evaluate and reassess your tax return. In a review, income amounts, discounts, and credits on a return are all reviewed for one specific year to be sure they are reported correctly.
IF CRA FINDS A MISTAKE OR MISCALCULATION, THEY MAY REQUEST SUPPORTING INFORMATION OR DOCUMENTATION FOR A SPECIFIC AMOUNT. AN AUDIT IS AN EXTENSIVE EXAMINATION OF AN INDIVIDUAL’S INCOME TAX RETURN, AND USUALLY FOR MORE THAN JUST ONE YEAR OF RETURNS.
The CRA may choose to conduct an audit based on several factors, such as:
The frequency or likelihood of errors in tax returns Indications of non-compliance with paying taxes owed Information not consistent with other similar files or other audits or investigations Non-compliance by an outside source or from another government investigation
According to a local publication, in 2009 and 2010, the CRA audited almost 375,000 + small and medium businesses and issued notices of assessment requiring the businesses to pay $ 2.1 Billion in Tax, interest, and penalties.
How we can help you? CANADIAN TAX RULES ARE COMPLEX, AND THE FINAL TAX LIABILITY GREATLY DEPENDS UPON THE INTERPRETATION OF THE TAX LAW. BUT DON'T WORRY. SAU CONSULTING PROVIDES CRA AUDITS IN CANADA WHICH PUTS YOU OVER BUDGET.
About us!
SAU Consulting & Business Advisory services is a group of downtown Calgary based professional accountants providing personalized services and guidance to small and medium sized businesses. Devoted to provide best value to our clients we assist small and medium sized businesses in a Variety of ways.
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(587) 284 3266 EMAIL ID
info@sauconsulting.ca WEBSITE
www.sauconsulting.ca