Tax Recovery Audit Services
Tax Recovery Audit services will help ensure that your taxes are accurate and provide you a greater tax return by looking back at your tax history from the previous year.
Background
In 1999 the Federal Department of National Revenue created the Canada Revenue Agency and made the Agency responsible for, among other things, the Income Tax Act. While this change by itself may not appear to be a big deal, the effect on the Canadian taxpayer was huge.
As an agency instead of a government department, CRA is not responsible to insure that the correct amount of tax is paid; they are responsible to insure that at least the correct amount of taxes has been paid within the legislative framework. There is no obligation on the part of CRA to advise if you have overpaid your taxes.
Tax Recovery Audit
There are many ways to complete tax returns and each can be technically correct, but there is only one way that is to the best overall advantage of the individual family unit.
Improve Your Overall Tax Picture
The Accounting Place will review prior year returns with an eye to improving the overall tax picture of the family unit. Too many times professionally prepared returns are technically correct, but can still be improved upon.
We look at prior year’s tax returns for a multiple of reasons:
- Recovery of overpaid taxes through missed deductions and/or elections
- Build a history for future tax planning and efficiency
- Develop forward thinking tax strategies to improve wealth retention
It's Not Too Late to Get Your Money Back
Canada operates a self-assessing tax system. What this means is that the individual is responsible for reporting their income and calculating the amount of tax to be paid on the income. If the individual calculates and pays more tax than what is required, CRA is not required, nor under any obligation to correct or optimize the tax return to the best overall advantage of the taxpayer.
The tax specialists at The Accounting Place will review your past three years' personal tax returns with an eye to improve them. There is no charge for this service, however charges will apply when excess amounts paid are discovered and recovered.