Feb 06, 2024
Any problem related to tax and tax audit is difficult and stressful to manage on your own .In the Canadian income tax system it is up to every taxpayer to properly report their annual income on their income tax return, since the Canadian tax system is based on “self assessment”. The CRA performs a tax audit, which is an examination of a taxpayer’s returns and supporting records including bank accounts and receipts, to make sure that income and expenses have been properly reported and are supported by accounting records so that the “self-assessment” tax system continues to work properly. Our top Toronto income tax lawyers deal with CRA tax auditors on a daily basis and can provide you with tax help to survive your income tax audit.
CRA has extensive powers to conduct a tax audit and thus Canadian taxpayers have to be really cautious while dealing with them.CRA may choose to audit a taxpayer for several reasons. Some of them include past history of non-compliance, comparison of information on returns to information received from third-party sources, third party tips and random selection. A Canadian taxpayer may also be reassessed at the end of an tax audit due to various issues like overstated expenses, overstated deductions, overstated credits, underreported or unreported earnings, unreported offshore income, unreported offshore assets or credits, such as for charitable donations, that are not supported by receipts.
What happens when a taxpayer is audited
A basic question arises: what happens when a taxpayer is audited? Typically at first you receive a notice from CRA of their intention to audit. The notice will usually outline the preliminary information that they require from you. This will then be followed up with a request for more information. Thus it is the beginning of a tax audit that is the best time to obtain legal representation. If you disagree with the outcome of a tax audit, it is especially crucial to obtain representation as soon as you have been reassessed by CRA. You have appeal rights, but you only have 90 days to appeal by filing a Notice of Objection. Our team of the best Toronto tax audit lawyers can provide detailed assistance in filing your tax objection.
Seek a professional tax audit advice
Tax auditors are not always reasonable, and may not listen to your reasoning for filing your returns the way you did. Our expert Toronto tax audit lawyers will speak to the tax auditors on your behalf, and begin the necessary legal work it takes to resolve all issues starting from an impending audit by the CRA or unfavourable audit results relating to your tax return. Our top Toronto lawyers will be on your side through the entire tax audit process. Our Toronto tax law firm deals with CRA auditors on a daily basis and can provide you with tax help to survive your income tax audit. also If you have tax problems please call us to set up an initial consultation.
