Business Advantage Of CRA Audit Protection

Posted by on May 4, 2017 in Business, Lifestyle, News, Tech | Comments Off on Business Advantage Of CRA Audit Protection

Business Advantage Of CRA Audit Protection

No matter what the status of your business is, whether it is just starting out or already established, you can still be subjected to a Canada Revenue Agency (CRA) enquiry. While tax enquiry randomly picks its subjects, there are times when the CRA would handpick a business entity when the agency sees a legal reason to. Being subjected to tax audit investigation doesn’t mean that your records are questionable. The CRA conducts random checking on corporate and even on personal accounts to ensure that compliance of the law and tax requirements are properly satisfied. In a nutshell, whether you comply with the law or violate it, you might still be subjected to enquiries. To be sure, it would be best to get a CRA audit protection so you won’t have to worry about handling the process including its payments.

An audit investigation can take hours to days. The entire proceedings can cost thousands of dollars to the business establishment or the individual respondent. If you are not prepared for the process financially, this could leave a dent on your savings. You may even be compelled to file a loan from financial institutions for it. To prevent such issues, talk to an insurance company on how you can obtain a CRA audit protection. Here are some advantages of getting an audit protection coverage.

  • Audit investigation protection covers professional fees to auditors, accountants, solicitors and other government authorities involvedin the review and audit of books and lodged returns. The protection also covers transportation and accommodation fees of the officials who need to travel for the enquiry.
  • There is no need for you to worry and file for fee disputes with government accountants and officials because the insurance agency will cover all the payment requirements for you.
  • The payment process to involved government representatives and officials are fast and efficient so you get peace of mind that everything is properly handled. With CRA audit protection, the concerned individuals are paid with professional fees promptly.
  • For a full audit protection, tax audit investigation must take place within the covered period. Otherwise, the insurance coverage will be forfeited.