Did you get audited by the CRA and feel that the auditor had their mind made-up from the beginning? Do you disagree with their reassessment?
An audit by the Canada Revenue Agency (CRA) is an examination of your books and records, which largely focuses on whether or not your tax returns fully reflect all of the income, revenue, and expenses that should have been reported during the year.
These are some of the most common issues that the CRA will audit:
· Real Estate “flipping”
· HST/GST Builder issues
· Net-worth Assessments (Unreported Income)
· Canada Emergency Wage/Rent Subsidy (“CEWS” & “CERS”)
A tax audit by the CRA is an unwelcome and time-consuming disruption. However, aside from the inconvenience, there are other important factors involved during an audit.
The CRA is looking for unreported income and other areas of non-compliance. If your responses to the auditor are not handled properly, the process can quickly escalate and result in significant financial and personal consequences for you and perhaps even your family.
The help and guidance from experienced tax professionals will ensure the best possible outcome in resolving your tax problem quickly and efficiently. We will represent your best interests when dealing with the CRA, ensuring that your rights are fully protected and that the audit process is conducted properly.
Our team consists of James Bell, a former Senior CRA Manager, with over 22 years of CRA experience, and Beitel Tax Law, a law firm with which we have a close affiliation.
At Farber Tax Solutions we understand that being audited can feel invasive and unfair, but it’s important not to react impulsively as the consequences can be very serious. Our focus will be to ensure you are properly represented and fully supported throughout the entire process, so that your audit goes smoothly, and your rights as a taxpayer are respected.
It can be through a random selection process, an audit project or through a third party lead.
An Audit is a stressful and time-consuming process that quickly can become overwhelming and requires professional representation.