We help you get back on the right track
Every individual is responsible for accurately reporting their yearly income. Most Canadians are honest when filling out their tax returns, but some are not. Most audits are conducted to check for legality with the ITA or ETA. The CRA may conduct a business audit to ensure that all relevant information has been submitted. In order to decide who will be audited, the CRA takes into account a number of factors.
The likelihood of being picked for a CRA business audit in Brampton increases for people who work in industries that aren’t often associated with the shadow economy, such as construction, restaurants, and hotels. We help our clients to seat relax and enjoy the maximum tax benefits, thanks to our professional tax assessment.
Tax-data fabrication is illegal
There is a distinction between a tax investigation and a tax audit. The objective of a CRA business audit in Brampton is to see if the tax returns submitted are accurate. The Canadian taxpayer has full rights under the Canadian charter of rights if they want to file for a tax investigation. You may end up in jail if you fabricate the income tax data. The CRA may seize your company assets.
The easiest method to combat a CRA business audit in Brampton is to get a tax professional. A tax expert will then supervise the tax auditor and review their work at each stage of the audit. In the event that the tax auditor issues a negative assessment, a taxpayer may have their attorney file a notice of protest to the assessment.
We can help you facing a CRA Tax Audit Process
Once you’ve been audited, what will happen? First, CRA will notify you that they want to conduct a CRA business audit in Brampton. Typically, the notice will detail the minimum required information. They may contact you again to ask for clarification or further data. The moment to hire a tax professional for an audit is at the outset. On your behalf, we’ll communicate with the auditors and launch the legal proceedings required to settle any concerns with your tax return.
If you have received a reassessment from CRA and you disagree with the findings of the audit, you should hire our professional CRA business audit service in Brampton as quickly as possible. We can help you file an income tax appeal with the help of our skilled Brampton staff.
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The uncertainty and potential financial consequences of a business tax audit are enough to make the experience seem terrifying. Incorrect information, even if provided inadvertently, can and will be used as evidence against a taxpayer. As soon as the auditor approaches you, it is imperative that you employ a tax specialist, such as one of our top Toronto tax lawyers.
Feel free to contact our team of tax experts for assistance regarding CRA business audit in Brampton. You can schedule an appointment for a review with Wealth Cloud Accounting right now.