Helping Customers Prevent or Handle Audits
Each year, the Canada Revenue Agency (CRA) selects income tax reviews to audit in order to ensure taxpayers are accurately and honestly declaring their taxes. Many tax payers are chosen for an audit at random, although there are certain audit triggers that may make it more likely that you or your business will be audited.
While a CRA tax audit is certainly an inconvenience, there’s nothing to fear as long as you have complied with tax rules and regulations. Since these rules are constantly amended, one of the best preventative measures you can take to avoid an audit is to hire one of our knowledgeable accountants to help you plan and prepare your taxes.
At Bell & Company, our Certified General Accountant specializes in delivering personal, corporate, partnership, and estate income tax services. Our services are based upon established and thorough policies and quality control systems that go beyond individual and professional expectations and standards. Some of the preventative strategies we use to help you avoid a CRA tax audit include:
- Gaining a thorough understanding of your situation so taxes are filed accurately with supporting paperwork.
- Applying in-depth tax knowledge to ensure your tax return complies with the ever-changing tax rules and regulations.
- Tax planning services to help you avoid audit flags and/or handle them correctly on tax returns.
- Filing your taxes on time, which will help prevent you from being red flagged and selected for a tax audit.
What to Do if the CRA Audits You
No matter how accurately you complete your tax returns, there’s always a chance that the CRA may audit your return. We do everything in our power to help you avoid this, but if your return was prepared by the accountants at Bell & Company and you are audited, we will represent you or your business and help you through pre- & post-assessment reviews, as well as help prepare supporting documents. Even if your return wasn’t prepared by us, we can still provide advice and guidance.
Due to the complicated nature of a tax audit, it’s definitely helpful to have an accountant with the expertise needed to help you understand your rights and navigate this complex process. Our certified general accountant can also help you understand your options for appeal if you disagree with the CRA.