Can You Deal With The CRA Audit And The Steps Needed To Be Followed After Effectively?
CRA or Canada Revenue Agency is the government organization that keeps a tab on your income and tax responsibilities. If they think that you have been less than truthful or trying to dupe the authorities or simply not following the rules and regulations properly, they can create a huge problem for both individuals and businesses alike. As the owner of a small or medium-sized business, it is important that you keep a clear tab on the expenses and earning of the business and also proper preparation to deal with the CRA tax audit if you are notified about the same. It is possible that you may not come under the radar of CRA in this financial year, but it is not guaranteed that it won’t be happening in the coming years. So, remaining informed about the CRA Tax Audits, Problems & Representation will be a smart move indeed.
Some Information On The Subject – If you have received a notice regarding the CRA tax audit, then there is no need to panic. You need to first make sure that every receipt regarding every expense and purchase an all the required papers are ready. If there is something wrong with the records you do not have the required documents, then things can get really ugly for you, otherwise, there is no reason to worry. The first thing you need to know that the CRA or Canada Revenue Agency is not going to come to your office one day suddenly and ask for all the financial records of your business. You will first be notified about the audit and informed about the date and time of the audit happening.
It is possible that you will have to take all the records and visit their office for the audit, but in most of the cases, representatives are sent to your office to conduct the audit. Once the audit is done, your records will be submitted and the authority will go through that. If they find no discrepancies and are satisfied with the information you have provided then you will get the results back and there won’t be anything to worry about. On the other hand, if something is discovered and CRA is not satisfied with the financial records you provide, then you will have to pay the fine. You will be informed about the fine and the amount payable as well. This may seem to be the end of the things, but that is no true. If you are not satisfied with the audit and think there are problems, then you can fight the decision of the CRA and ask for reassessment as well. There are professionals who will be able to help and represent you in the court. All you need to do is gather information on CRA Tax Audits, Problems & Representation, work carefully, understand the requirement of legal representation, and make the right decisions at the right time. Hence, dealing with CRA audit and the aftermath will become easier.