[et_pb_section bb_built="1" admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_image admin_label="Image" src="https://www.batemanmackay.com/wp-content/uploads/2018/04/CRA-audit-Bateman-MacKay-tax-accountant-firm-Mississauga.jpg" alt="How a CRA audit works" title_text="How a CRA audit works" show_in_lightbox="off" url_new_window="off" use_overlay="off" animation="left" sticky="off" align="left" force_fullwidth="on" always_center_on_mobile="on" use_border_color="off" border_color="#ffffff" border_style="solid" /][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid"]
In 2016-2017 alone, there were over 20,000 small and medium enterprise audits conducted by the Canada Revenue Agency. Companies can be audited for any number of reasons including reviewing the financial information you have submitted to the CRA in comparison to similar businesses. If the CRA decides to audit your company:
Bateman MacKay LLP will be with you through the entire process. In the unfortunate event that you are audited, we will be there every step of the way. Once we are notified of your audit, we will review the tax return and documentation for the year being audited and develop a plan to make sure the audit process by the CRA is as non-invasive as possible.
Even if a CRA audit results in no adjustments, professional fees are often incurred from this CRA instigated audit activity. To help you mitigate these CRA audits, appeals and possible litigation related professional fees, we have partnered with Audit Shield. Audit Shield is tax audit insurance that has been available to accountants and their clients since 2003 and is now accessible to accounting firms in Australia, New Zealand, and Canada. This insurance covers audits, enquiries, investigations and reviews from the CRA, with no minimum claim or deductible. Audit Shield also protects the current year and all previous years’ returns.
If you have any questions about CRA audits, the audit process, or Audit Shield, reach out to your Bateman MacKay LLP account manager.
Sign up for our newsletter and receive tax, accounting, and COVID-19 resources for your business!