If you’re facing a CRA business audit or review, it’s essential to stay calm and prepared. While an audit isn’t necessarily a dire situation, ensuring your bookkeeping and accounting are meticulously maintained beforehand is crucial.
CRA Tax Audit VS Tax Review
A tax review typically occurs when the CRA identifies discrepancies in your tax return during processing. This may lead to a Notice of Reassessment or a request for additional information regarding your business accounts.
On the other hand, a CRA tax audit involves a thorough examination of your financial records to verify compliance with tax obligations. This scrutiny can occur up to six years after receiving a Notice of Assessment, or at any time if there’s suspicion of fraudulent activity.
At KAD Consulting, we specialize in helping businesses navigate CRA audits and reviews. Our expertise ensures that your financial records are in order, minimizing potential issues and maximizing compliance.
Comprehensive CRA Audit support
At KAD Consulting, we offer a comprehensive range of services to assist businesses facing CRA audits, ensuring thorough support across various tax compliance areas.
Payroll Tax Audit support
During a payroll tax audit, we meticulously review your payroll reports and financial records to ensure accuracy and compliance with CRA requirements. This includes verifying reported amounts against documented records such as ledgers, payroll deduction remittances, sales invoices, and expense accounts. Our team helps streamline your payroll records, ensuring they are organized and readily accessible for CRA auditors.
GST Audit support
In a GST audit, providing comprehensive documentation is crucial. Alongside invoices and receipts, you’ll need to present documents like your general ledger and detailed listings of GST collected and Input Tax Credits (ITCs) claimed. Our expertise in GST tax filing and audit support ensures you meet CRA requirements promptly and effectively, addressing any non-compliance issues efficiently.
At KAD Consulting, we understand the complexities of CRA audits and offer tailored solutions to help businesses navigate them successfully. Contact us today to learn more about how we can support you through the audit process and ensure compliance with tax regulations.
Why choose KAD Consulting?
At KAD Consulting, we specialize in navigating various audit scenarios with a track record of successfully handling both straightforward and intricate CRA issues. Whether your audit is complex or routine, we are here to help you prepare thoroughly.
Our proactive approach to CRA Tax Audits aims to prevent potential financial implications that could arise from overlooked discrepancies in your financial records. By choosing our Tax Audit Services, you benefit from cost-effective representation that can mitigate the risk of substantial tax liabilities imposed by the CRA.
Throughout the audit process, we offer comprehensive support to ensure a favorable outcome tailored to your specific circumstances. Contact us today to learn how we can assist you in safeguarding your financial interests and achieving compliance with confidence.