Did you know?”  It can take several hours to several months (and sometimes even years) to resolve an audit.

Even if you follow all the rules and your accountant checks and double-checks your tax returns, your business could still be targeted for an audit.

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Who is at risk of a Tax Audit?

The CRA generally isn’t interested in employees who are T4’d; this income is easily verifiable.

Looking at the options for Tax coverage we know Turbo Tax, H&R Block, FBC, and even forward-thinking accounting firms offer Tax audit solutions in various forms.

What we do know, there is a huge gap in business insurance coverage to deal with managing Tax Risk. Tax Investigation Insurance can now address this need and help business better manage their tax risk.

Until the day your accountant warrants your business Tax return then you have unnecessary risk.

As a business owner you have a few immediate options:

• Do nothing and take this potential risk on yourself
• Find an accountant that warranties your tax returns
• Transfer this risk with the purchase of Tax Investigation Insurance

Audits more frequently occur with small business owners who are claiming business expenses.

Of the many decisions that involve running a business, having a solid tax strategy is the one that will steer you from costly repercussions.

“Control what you can, protect what you can’t”

You may need expert tax advice in the following areas:

• Tax shelter and charity tax scheme disputes
• Tax reporting for partnerships
• Cross-border tax issues
• International tax planning and offshore tax disputes
• Taxation of executives and employee compensation
• Real estate tax planning
• Identifying opportunities for your business to minimize taxes
• Preparing corporate income tax returns and installments
• Advising on the tax implications of proposed transactions
• Corporate back taxes
• Sales taxes, capital taxes, property transfer taxes, customs duties, and GST
• Scientific Research and Experimental Development (SR&ED) Tax Incentive Program
• Small business tax advice

Once the CRA has you in their crosshairs (either directly from you own business or through an associated audit of one of your clients) your only options are:

1. Provide the required documentation and or pay the notice of assessment, or
2. Let the Professionals deal with CRA

Make no mistake, the CRA is counting on you to pay up.

Fighting the CRA – and their near endless resources – can quickly turn into a long, drawn-out process.

The back and forth between you, your accountant, and the auditor adds up fast. That’s where Tax Investigation Insurance steps up…leave this to the Professionals.

Your accountant bills us, allowing you the best defense and keeping your hard-earned ‘after tax’ dollars in your pocket.
It’s a win-win.

Coverage Quick Info:

• Up to $50,000 in professional fees (your accountant or a tax lawyer) to defend your investigation, or appeal a judgment for taxes owed.
• Includes GST/HST and payroll-related reviews and audits
• Extend your coverage to include your personal taxes in case the CRA gets a wandering eye
• Pricing is based on your annual revenue.