So you’re not really sure about all the aspects of your taxing in Canada, are you? There are a number of things you need to know as it relates to such information, especially as it relates to tax auditing in Canada. We want to make sure that you are well-versed in the techniques you need for these tax issues. Let’s start with the most basic terms and work our way up.
The first thing you need to figure out is what a tax audit actually is. That’s easy! It’s simply an examination of the books and records of taxpayers. It is used to evaluate the taxes, interest and penalty they need to pay according to the law. The CRA is pretty much double checking your taxes to see I your reported them honestly and accurately. The agency is even able to audit your income tax returns, excise taxes, GST/HST tax returns and your payroll documentation.
The CRA will perform a tax audit to ensure that Canadian taxpayers do what is required of them in relation to accurately and honestly paying their taxes. It’s referred to as a self-assessment tax system and it urges taxpayers to avoid penalties, like criminal prosecution for bad taxes. The CRA also encourages one-on-one consultation with agents of within the organization, in order to gain a more personalized view of the tax system. This in itself helps to increase awareness about the need to pay taxes, as well as the personal responsibility of each taxpayer to dutifully play his/her role in the tax system of Canada.
If you are looking for a professional accountant to do your taxes in Canada, then you have come to the right place as we are tax experts in Kingston Ontario and we can help process your income tax return quickly while maximizing the tax return you will receive. Our decades of income tax filing experience can help you with your personal and business taxes in Kingston. Remove the headache from taxes and let our skilled tax consultants handle your accounting and bookkeeping to process smooth tax returns for you. Precise, Accurate Instant Tax Refunds Since 2002.
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