Learn About Our Accounting Firm From White Rock BC

An individual contacted us seeking to make an appointment. He was relieved that we were able to see him quite quickly. He explained that he had filed his prior year-end Canadian corporate tax return using the services of another accounting firm. The Canada Revenue Agency (CRA) audited the tax return, and, issued a Notice of Reassessment. The reassessment reflected a significant balance owed that included the new tax and interest.  He had never received a Notice of Reassessment before and had no idea how to proceed. We assured him that he would not have to address this issue alone and that we work with him every step of the way. We explained that there are two options in responding to a Notice of Reassessment; he could pay the amount showing as owed or he could file a Notice of Objection within ninety days of receiving the Notice of Reassessment to argue why he disagreed with the notice. Before we could determine the best course of action for him, we asked for a few days to review all of his tax documentation.

Our team carefully reviewed the tax return and all of the associated documentation. We identified several objections that we believed could successfully be argued. One issue, in particular, involved the treatment of an expenditure item that was accounted for as income but should have been characterized as a capital expense. We scheduled a follow-up meeting with the client and, based on our findings, recommended that we work together to file the Notice of Objection. The process of filing the Notice of Objection can be complicated and confusing and must be followed precisely. We correctly followed the process and presented our arguments and all of the supporting documentation. The CRA concurred with our findings. As a result, not only were the additional taxes and interest reversed, but the amount of taxes owed was less than the original filing. Our new client was grateful for the competency and professionalism of our team. He acknowledged that he would not have been able to achieve this positive outcome on his own.