Buckley Dodds LLP provides a full spectrum of
credible financial information services to meet client needs (audit, review, special assurance engagements, compilation, and bookkeeping).
Our approach to assurance and accounting services emphasizes an in-depth knowledge of each client’s business, of prevailing conditions in the industry of the client, and of the competitive position of the client. This insight enables us to focus on the important issues and to provide timely financial information. This approach also gives us a better perspective to provide income tax and general advisory services best suited to client needs.
If you have been unlucky enough to be singled out for an income tax audit or a GST audit we have a raft of experience dealing with just such issues. Our goal in these matters is to minimize taxes owing, if any, and to make the experience as stress free as possible for you. We are your hired gun and, although we must play within the rules and we can’t do the impossible, we feel with Buckley Dodds LLP you have the best representation in town.
Typically, once you have been notified that CRA wants to conduct an audit, we will sit down with you and explain the process, what CRA is probably looking for, what questions they are likely to ask you and most importantly, what are your rights and what are their rights. Our suggestion has always been that the actual audit be conducted at the Buckley Dodds LLP offices and any interview with you will only be conducted with one of our staff present.
During the actual audit the CRA auditor will have several questions, most can be answered by Buckley Dodds LLP as they will be of a technical nature or of an accounting nature. There will inevitably be some that only the taxpayer can answer and these will be summarized at the conclusion of the audit. These questions we will go over with you and explain what CRA is searching for and in many cases how best to phase your answer (always being truthful of course).
For example, you are in the construction business and you take a banker, Mr. X, not your current banker, to a hockey game. CRA may ask you the question “do you ever do any business with this banker?” If you say “no” then the hockey expense will likely be denied as it was not incurred to earn income. But maybe a more correct answer is “no, not yet but he is one of my back up bankers. As you know we, in construction, are dependent on bankers to finance our next project and bankers, in my experience are a fickle bunch. In case my current banker balks at my next project, I will try Mr. X. That is why I took him to the game.” With this answer the tickets become tax deductible.