Having to complete a personal Canadian Revenue Agency (CRA) tax audit is not the most welcoming of experiences. It’s bound to get those stress hormones pumping through the roof.
Still, the experience can be much different if you have the right expertise by your side. Though it’s technically your responsibility to ensure that all the requisite information is provided, you don’t have to handle the whole process yourself.
This is particularly true if you don’t even know where to begin. So, why not get Help with personal tax audit in Toronto? It’s almost a no-brainer to get a professional tax accountant in the mix, and that’s where RC Financial Group comes in.
Be that as it may, we’re not going to just tell you to hire us and leave it there. This is no simple process, nor is it an easy feat, so it may be better if you’re able to see the value that can come in securing our services.
Understanding the Tax Audit Concept
Let’s start with the basics here. When the term “tax audit” is used in the context of Toronto, what is the point of focus? Well, the short answer is that the CRA is going to be doing a run-through of your financial records.
This is no brief traversal either. You had best believe that this is going to be a detailed inspection. You must remember that the CRA’s portfolio gives it complete authority to initiate such reviews. It can choose to inspect tax claims made by any business or individual.
Avoiding this outcome is one of the primary reasons to ensure that taxes are adequately filed. However, if you do get here, it’s not the end of the world. It does mean a lot of information has to be provided, though, and the CRA is not going to be helping you with any unfinished bookkeeping or auditing.
The good news is that you do get the opportunity to put things together, should the CRA determine that the audit cannot progress without certain data.
So, now that you have an idea of what this all looks like, it’s time to go through the actual process. The first element is the notification. Should the CRA decide that your tax record requires auditing, its team is going to be ensuring that you get the memo.
You may be contacted by phone or via mail. Sometimes, people are notified via both methods. The intention here is to ensure that you know the date and location.
Typically, an on-site audit is carried out and this tends to happen at your place of residence, so keeping things organized at home is a nice touch. The process can be arduous enough, so it’s always recommended to ensure that the information being provided is ready to go.
Note that during this process, the decision may be made to make and retain electronic copies of the documentation you may have. While this is all legal, it is in your best interest to have a record of what has been taken. You are allowed to request and obtain a receipt for any items electronically reproduced.
Providing information to auditors can be done using a few different methods including designated secure online options. Email does not fall under this category, which means you cannot email information to them.
The Value of a Professional
Now, this is the part where you hold your head high and breathe a quick sigh of relief about your situation. Why is that? Well, expert help with your personal tax audit in Toronto has arrived.
Let’s face it right now. No one wants to be on the receiving end of the news that they have been selected for an audit. Fortunately, it doesn’t have to be a complete nightmare if you choose to get help from a tax accounting specialist as soon as you can.
RC Financial Group fits into this equation in a very simple and straightforward way. Our core purpose is to ensure that all the required paperwork is properly collected and prepared for your audit. Of course, this feeds into our helping you navigate this difficult situation.
At any crossroads, we make it our point of duty to provide you with the necessary insights that help you to understand all the options available to you. We also take it a step further and make suggestions based on our years of vast experience.
The distinction must be made between using experience to suggest feasible alternatives and treating multiple cases the same way with reckless abandon. we walk this line incredibly well, ensuring that the uniqueness of your situation takes center stage.
At its worst, the audit process can be incredibly costly where time, money, and even your mental health are concerned. We have a vested interest in helping you save on all three.
Let us assist you in compiling your audited financial statements in the kind of logical manner that satisfies the requirements of the CRA.
Potential Reasons for an Audit
Many taxpayers are concerned with this as they want to know how they can ensure that the CRA has no interest in ever auditing them. While the body can choose to audit just about anyone for a variety of reasons, several indicators make the likelihood of an audit greater.
These generally boil down to an illogical flow of information or questionable breaks in patterns. For example, revenue discrepancies can raise an alarm. Additionally, if you seem to consistently be suffering losses or things seem drastically different from a previous year, you may find that an audit is requested.
You should also bear in mind that the CRA gets information from third parties too. Your reports should match this information closely. Another audit red flag is when your provision does not align with that data.
Even with this outline of potential audit points, there is rarely ever a straightforward way for you to ascertain what caused you to be audited.
What Are the Consequences for Falling Short?
Let’s say that you have attempted to grant whatever information or requests the CRA has thrown at you, but the information provided is deemed to be less than satisfactory. If so, then you are likely to be fined an amount equivalent to the taxes that you have supposedly not paid.
Even if you truly did not pay these taxes, it’s not a fool’s errand to bring a professional into the mix. That’s because further sanctions and fines can be applied if required paperwork is not properly submitted. We help you avoid this issue entirely.
Generally, if there was nothing wrong with your claim, then it’s no challenge for us to help you provide the evidence the CRA needs to clear audit points.
Reach Out Today
Naturally, you now understand the value of getting our help with your personal tax audit in Toronto. Call RC Financial Group today at (855) 910-7234 and let’s start discussing your needs.