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Tax

CRA Tax Audit Insurance Program

Toronto Accounting Firm Offering Peace of Mind if you Are Selected for an Audit

Being selected for an audit is upsetting and taxing before you even consider the costs associated with responding to and preparing for the process. You will need to engage the services of a Chartered Professional Accountant, and the fees associated with having your accountant respond can be prohibitive. This is why Sloan Partners LLP has introduced the Audit Shield Fee Waiver Service for our valued clients. Just like you pay for home and auto insurance in the event you will be required to pay for expensive damage at some point in the future, the Audit Shield Fee Waiver Service acts as insurance against a costly future audit of your personal or business finances.

This service is supported by Accountancy Insurance Brokers Ltd. Simply put, clients that elect to 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 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 our 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 your coverage. The Audit Shield Fee Waiver Service terms and conditions have been sent to our existing clients and you can request a copy to review the details.

If you would like to participate, you will pay an annual flat fee, which is tax-deductible for businesses. If you are then selected for an audit during your coverage, we will be positioned to provide an effective and comprehensive response to your audit activity without saddling you with additional service fees.

Sloan Partners LLP will hold the Audit Shield Insurance Policy, (underwritten by Lloyd’s) for which you will pay an annual fee. This would then cover our costs for responding to a potential audit, allowing us to waive the professional fees you would otherwise be required to pay.

Your participation in the Audit Shield Fee Waiver Service commences on the first business day after we receive your payment and expires on January 31 of the following year.

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

Contact Sloan Partners LLP in Toronto for CRA Audit Insurance Protection

At Sloan Partners LLP, we offer a team of skilled and exceptionally experienced Chartered Professional Accountants who provide business and individual clients with reliable and comprehensive audit response services. Our Audit Shield Insurance provides clients with peace of mind, knowing they are prepared to respond to an audit at any point in the future, without having to worry about the cost.

To find out more about this service and see if it might be right for you or your business, please reach out to us online or call us at 416-665-7735.

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