What is Audit Activity?
Audit activity includes any audit, enquiry, investigation or review which is instigated by the Canada Revenue Agency (CRA) and other provincial agencies to ensure business and tax payer compliance with various tax and legislative requirements such as Personal Tax, Business Audits, Payroll Audits, GST/HST/PST/QST, Trust Audits, Covid-19 related wage & rental subsidy reviews, amongst others.
How Common are Audits, Enquiries, Investigations or Reviews?
The CRA and other government revenue bodies continue to focus on review and audit activity. In fact the federal budget seems to allocate more funds every year to increase this review activity.
What is the Audit Shield Fee Waiver Service? Why Should I Consider it?
Our firm’s Audit Shield Fee Waiver Service provides for the payment of professional fees incurred as a result of your filed return being selected for an audit, enquiry, investigation or review. Just because your returns are prepared accurately and on time, doesn’t mean you won’t be chosen for review.
The cost of being properly represented in these matters can be quite significant. Even if no adjustments are required, you could still be left with considerable professional fees if you are not protected by Audit Shield. It provides a fixed, cost effective solution to guard against these unbudgeted costs.
Who Provides the Audit Shield Fee Waiver Service?
Audit Shield is provided by our accounting firm and we hold an Audit Shield insurance policy (underwritten by Lloyds) so we can deliver on this service to you.
Is the Cost Tax Deductible?
Yes the cost is tax deductible if you are in business.
Who is Covered?
All of our clients are invited to participate in the Audit Shield Fee Waiver Service. In most cases individuals and other family entities can be covered with the business entities – for no extra cost. If you decide to participate, your cover commences one business day after your payment is received*.
Is it Mandatory to Participate in the Audit Shield Fee Waiver Service?
No, Audit Shield is an option our accounting firm provides to you, our client. It is entirely up to you if you wish to participate.
What do I Need to do to Participate?
Please contact one of our friendly team members to discuss your participation and to arrange an acceptance form to be sent to you.
* The service is limited to the detailed terms and conditions which will be provided prior to acceptance.