CRA Tax Audit Services in Toronto
At Hart Accounting Services, we are dedicated to ensuring that our clients receive everything they are entitled to from the CRA without overpaying. With over 10 years of experience in accounting and tax specialties, we have the knowledge and expertise to provide top-notch service and support.
Toronto's Tax Audit Experts
Our team of licensed income tax audit specialists will work closely with you to ensure that your personal or professional finances are in order. Choose Hart Accounting Services for the peace of mind that comes with knowing your finances are being handled by experts.
Trusted Accounting Service
At our accounting firm in Toronto, we are committed to providing our clients with the highest level of service and support. Our team of experienced and compassionate tax accountants will work closely with you to ensure that your financial records are organized and accessible before submitting your yearly income tax reports.
With the help of our tax audit specialists, you can trust that your financial affairs are in capable hands. Don’t let stress and confusion over your finances take over your life. Choose our Toronto accounting firm for the peace of mind that comes with knowing your finances are in order.
Accounting As A Service To Fit Your Business
Corporate Accounting
Having a corporate accountant can help you gain deeper insights into your business, as well as ensure that you’re compliant with all Canadian financial regulations.
Bookkeeping Services
Outsourcing your bookkeeping enables you to do just that without worrying about financial data entry, tax filing, and other documentation that would take away valuable time and resources.
HST Filings
The process of filing a company’s HST can be intimidating and an additional stressor during the tax filing season. Instead of poring over CRA guidelines, why not let us help you file your taxes this year.
Payroll Services
Our accounting services make the payroll process simple. Using advanced cloud-based accounting software, we safely store your data on a remote server and use it later when needed.
Financial Statements
Our accounting team at Hart Accounting Services can help you get a handle on your record-keeping, as well as prepare your financial statements when you need them.
Tax Services
Our team of expert accountants offers a tailored service t every client. Regardless of whether you want us to manage the entire process or guide you through the self-filing system, we’re here for you.
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We Offer Practical Solution to All Your Accounting Problems.
Identifying Deductions
Tax audit procedures aim to promote fairness and compliance in Canada’s tax system. The Canada Revenue Agency (CRA) uses tax audits to review the financial records and documents of individuals and businesses to ensure that they accurately report their income and comply with tax laws.
During a personal income tax audit, the CRA may review bank statements, mortgage documents, and credit card statements. The CRA may request invoices, employee payroll information, GST/HST records, and other business-related documents for a business audit. By conducting tax audits, the CRA helps ensure Canadians receive the benefits and refunds they are entitled to under current tax laws.
Frequently Asked Questions
Most frequent questions and answers
A CRA tax audit is a review of a taxpayer's financial records and documents by the Canada Revenue Agency (CRA) to ensure that the information reported on their tax return is accurate and complete. This process may be conducted in person or through correspondence, depending on the nature of the audit.
There are several reasons why the CRA may select a taxpayer for a tax audit. These may include:
- The taxpayer has a high net worth or earns a significant amount of income
- The taxpayer has a history of non-compliance with tax laws
- The taxpayer's tax return includes suspicious or unusual transactions
- The taxpayer's tax return was selected for a random audit
To prepare for a CRA tax audit, it is important to gather all of the relevant financial records and documents that may be requested by the CRA. This may include receipts, invoices, bank statements, and other supporting documentation. It is also helpful to review the information reported on your tax return to ensure that it is accurate and complete.
Yes, you can use a tax accountant or tax lawyer to represent you during a CRA tax audit. A tax professional can help you prepare for the audit, review your financial records, and provide guidance on any tax-related issues that may arise during the audit process.
If the CRA finds errors or omissions on your tax return during a tax audit, you may be required to pay additional taxes and interest. In some cases, you may also be subject to penalties for failing to report income accurately or for engaging in tax evasion. It is important to cooperate with the CRA during the audit process and to provide any requested information or documentation in a timely manner.
