What Are Your Rights and Responsibilities Regarding CRA Tax Audit?
If you are a small or medium-sized businessman or individual contractor in Canada, then experiencing CRA tax audit us pretty common and normal. Every year, the concerned authority sends capable auditors and audit the books and financial details of businesses all over the country. This is done to ensure that the tax system is fair to everyone in the country. To that end, if you think that the tax audit and assessment has not been done properly in your case, it is very easy and advisable to go for CRA Tax Remediation and Appeals in North York Ontario.
The appeal and its scope – During this appeal, you will be able to inform the concerned authority about your doubts and questions and they will listen to them and take the relevant steps. If the auditor has been wrong or the authority thinks that, your complaint is valid, then you will receive compensation. On the other hand, if your appeal turns out to be incorrect, you have to pay the excess tax amount as well. In short, you have the chance to point out the mistake and make things right. To be able to do this, you need to have some basic idea and information on the subject, along with your right and responsibilities in this context.
Your rights – If you know what rights you have as a taxpayer, then no one can dupe you in any way. On the other hand, if you are aware of your responsibilities, then messing things up won’t be an issue which will make the whole process a lot easier than ever before. It is your right to be served by the CRA with utmost professionalism, courtesy, accuracy and fairness. To that end, the Taxpayer Bill of Rights includes Commitment to Small Business along with 16 separate rights for you.
Your responsibilities – As the taxpayer, it is your responsibility to keep all the required books and records. This way, you will be able to understand and deal with your tax-related obligations and entitlements. These records should be kept for at least 6 years after they have been created. If you use a computer for this record keeping purpose, then all records should be kept in a medium or format that is electronically readable, along with the records kept in paper. Additionally, you must provide all the relevant details, books and records to the auditor, along with giving correct and timely explanations to all the questions by the auditor.
By following your responsibilities and knowing your rights, it will be possible to handle CRA tax audit, CRA Tax Remediation and Appeals in North York Ontario with ease.