How We Supported a Toronto Business Through a CRA Audit and Representation
A Toronto-based company approached Gondaliya CPA when they received a CRA audit notice. The business was concerned about potential penalties, reassessments, and the complexity of responding correctly to CRA requests. They needed professional representation to manage the audit, communicate with CRA, and minimize risks.
About the Client
Business Type: Professional services / incorporated business
Location: Toronto, Ontario, Canada
Previous Setup: Internal accounting handled in-house, limited experience with CRA audits
Key Challenges:
Uncertainty about required documentation and CRA expectations
Risk of reassessments or penalties due to incomplete records
Stress and time burden of dealing with the audit process
Client Objectives
Respond to the CRA audit accurately and professionally
Minimize risk of reassessments or penalties
Protect the company’s interests and ensure compliance
Reduce the time and stress of managing the audit internally
What We Did
1. Audit Preparation & Documentation Review
We reviewed the company’s financial records, identified gaps, and organized supporting documents to address CRA inquiries.
2. Representation & Communication
Gondaliya CPA acted as the company’s representative, communicating directly with CRA auditors to clarify questions and submit required information.
3. Issue Resolution & Compliance
We addressed all audit queries, resolved discrepancies, and ensured compliance with CRA requirements to minimize exposure to penalties.
4. Ongoing Guidance
Post-audit, we provided advice on maintaining proper documentation and records to prevent future audit risks.
Results
CRA audit completed with minimal adjustments
No significant penalties or reassessments incurred
Company’s compliance and record-keeping improved
Reduced stress and administrative burden for management
Business protected from potential audit risks in the future
Summary:
Toronto businesses rely on Gondaliya CPA for CRA audit representation and guidance, ensuring compliance, minimizing risk, and protecting their interests during complex tax audits.