Eliminating Unexpected Accounting Fees for CRA Audit Activity

We are excited to introduce a new service offering to our valued clients – the Audit Shield Fee-Waiver Service. This is service is supported Accountancy Insurance Brokers Ltd. Simply put, clients that participate in this service will have our fees waived for responding to audits, enquiries, investigations or reviews instigated by the Canada Revenue Agency (CRA) or other revenue agencies.

Key factors influencing our decision to offer you the Audit Shield Fee Waiver Service:

  • Almost $1 billion of the federal budget has been dedicated to increasing CRA audit activity;
  • Arbitrary audits continue to be carried out, irrespective of the accuracy of filed returns;
  • The cost for accountants to respond on behalf of their clients can be prohibitive;
  • Even when your filing position is correct, there is no reimbursement from the CRA

How does the Audit Shield Fee Waiver Service work?

When you are subject to an audit, enquiry, investigation or review on your tax returns we will waive professional fees for responding (up to a maximum amount). The Audit Shield Fee Waiver Service provides full retroactive protection, so all previously submitted tax returns are protected automatically, provided that you receive notice of the audit, enquiry, investigation or review during the term of the Audit Shield Fee-Waiver Service.  The Audit Shield Fee Waiver Service Terms and Conditions have been sent to clients and you can request a copy to review the details.

If you would like to participate all you are required to pay is an annual flat fee, as indicated on a Client Acceptance Form, which is tax deductible for businesses. Participation in this optional service will enable us to effectively respond to audit activity without burdening you with additional accounting fees.

Sloan Partners LLP holds an Audit Shield Insurance Policy, (underwritten by certain underwriters at Lloyd’s) of which the terms and conditions mirror the Audit Shield Fee Waiver Service and covers our costs to waive the professional fees you would otherwise be required to pay.

Your participation in the Audit Shield Fee Waiver Service commences on the next business day after we receive your payment and expires on January 31, 2020.

If you have received an invitation and do not wish to participate in this service, we would appreciate if you sign and return the Client Decline Form for our records.

As always, please do not hesitate to contact us if you have any questions.

Jerry Paskowitz, CPA, CA, CMC, is a Partner with Sloan Partners with over 30 years’ experience in all tax and financial matters. Get in touch with Jerry by email or phone 416-649-7702 for an appointment to discuss tax savings opportunities and financial strategies for your business.

Shawn Bausch, CPA (CA), is a Tax Manager at Sloan Group. Get in touch with Shawn by email or call 416-665-7735 (ext. 335) for all of your tax planning needs.

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