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At Tax Filings Canada, we handle every part of your audit readiness review, from the filing itself to the planning around it. Our accountants work with corporations and business owners every week, so you can focus on running and growing your business.
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Stay compliant and optimize your financial processes with our specialized audit readiness review services.
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Tax Filings Canada provides pocket-friendly, fixed-fee audit readiness review across Canada: compilation engagements under CSRS 4200, review engagements and audit support, built for lenders, boards and owner-managers, with payment only after your work is complete.
Everything starts with your documents — send what you have and we will sort it.
We build the audit readiness review file carefully, matching your records line by line.
The draft comes back to you for a proper look, not a rushed signature.
When you say go, we file it and follow up with the confirmation.
| Factor | Tax Filings Canada | Typical Firm |
|---|---|---|
| Pricing model | Fixed, flat fee | Hourly / unpredictable |
| Payment | Pay after service | Upfront retainer |
| Price match | Yes, on written quotes | Rarely |
| CRA audit support | Included | Billed extra |
| Typical turnaround | 3-5 business days | 2-4 weeks |
CRA reviews are won on documentation: every figure filed should trace to a source document, and deadlines — 90 days for an objection — are unforgiving. A review engagement under CSRE 2400 delivers limited assurance at a fraction of audit cost — often exactly what a bank covenant requires. Our audit readiness review engagement is priced as a pocket-friendly flat fee, so the cost is known before the work starts.
No two audit readiness review files are identical, but the rules that govern them are stable. A tax preparation specialist who works with Audit Readiness Review weekly keeps returning to the same anchors, and they are set out below.
First, the rule that sorts straightforward files from complicated ones: The CRA requires business records to be kept for six years from the end of the tax year they relate to, in a form that allows the return to be verified. Where records cannot support the return, the CRA is entitled to assess on its own estimate — and the burden of disproving that estimate falls on the taxpayer.
The detail that surprises most owners comes next. CSRS 4200 replaced the old Notice to Reader. Every compilation now carries a basis-of-accounting note, and it must state whether the statements are for a specific user with a specific purpose. The last of the major rules is about when, not what. A review engagement under CSRE 2400 provides limited assurance at a fraction of audit cost. That is frequently exactly what a bank covenant requires, and often more than it requires.
Think of these rules as the fixed terrain; your circumstances decide the route through it. Mapping that route is the work a tax preparation specialist takes off your plate for audit readiness review. To move quickly, have your ledger exports, bank statements and prior filings ready when we start.
You see the completed work before you pay for it — the quote is locked up front and nothing is filed until you approve it.
Providing transparent fixed pricing and high-quality compliance work for your audit readiness review requirements.
Coverage: Standard bookkeeping and audit readiness review preparation.
Ideal for early-stage startups and sole proprietors.
Book NowCoverage: Full-service bookkeeping, filings, and CRA compliance support.
Perfect for established small businesses.
Book NowCoverage: Strategic advisory and fractional CFO integration.
Ideal for companies seeking high-growth financial structuring.
Book NowWhy you should partner with Tax Filings Canada Experts for all your audit readiness review needs?
Providing tailored audit readiness review services to ensure compliance and maximize deductions.
Our tax accountants keep your business compliant with federal and provincial tax rules.
A dedicated team that handles your financials quickly, accurately, and without upfront fees.
Dedicated preparation processes customized for Canadian businesses.
Advanced accounting software integrations with QuickBooks, Xero, and wave accounting.
Customized packages designed to grow as your business operations expand.
Our clear four-step workflow ensuring absolute tax optimization and complete CRA compliance.
Start with a free, no-obligation consultation to review your business’s financial, tax filing and compliance needs and outline our affordable solutions.
Receive a comprehensive checklist and securely provide the required financial records and documents.
Our tax accountant and accounting experts carefully prepare your filings, identify all applicable deductions and credits, and conduct thorough reviews.
We file your documents electronically with the Canada Revenue Agency (CRA) on time and provide post-filing support.
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See how our expert Audit Readiness Review tax and accounting services have helped Canadian businesses save money and stay compliant.
A corporation restating a prior year in London, Ontario was under review. The issue was statements delivered five months after year-end, past the covenant deadline. The file closed in 3 weeks with $77,000 of proposed tax cleared.
A corporation restating a prior year in London, Ontario was selected for review. Statements delivered five months after year-end, past the covenant deadline had shown up in the CRA's automated matching. The proposed adjustment on audit readiness review came to $77,000. We converted the records to the accrual basis, restated the comparative year with proper disclosure, and rebuilt the statement package around the bonding company’s requirements. Every figure in the response traced to a source record the auditor could verify without asking a second question. The review closed with no change. $77,000 of proposed tax came off the table, and the documentation now in place makes the next review a short one.
A remuneration review at a company under a bank covenant in Ottawa, Ontario saved $18,500 across the corporate and personal returns. It found a buyer’s due-diligence list that the existing statement package could not answer.
Nothing was wrong at a company under a bank covenant in Ottawa, Ontario. The filings were on time and accurate. What they were not was planned. A buyer’s due-diligence list that the existing statement package could not answer had never been reviewed. We separated the bookkeeping work from the assurance engagement so the independence question had one clear answer. We ran the numbers across both the corporate and personal returns, so the saving was real rather than deferred into someone else's hands. $18,500 came off the combined corporate and personal tax bill, and the structure holds for future years without further work.
The ledger at a contractor bidding on bonded work in Lethbridge, Alberta could not support its own filings. The reason was an insurer asking for statements from an independent practitioner who had also been writing the bookkeeping entries. Rebuilding it surfaced $20,000 in unclaimed input tax.
A contractor bidding on bonded work in Lethbridge, Alberta could not answer basic questions about its own numbers. An insurer asking for statements from an independent practitioner who had also been writing the bookkeeping entries sat between the bank statements and the ledger. We prepared a due-diligence-ready statement set with supporting schedules for each material balance. We then documented the process so the work does not depend on any one person remembering how it was done. Records rebuilt and reconciled, $20,000 recovered in input tax credits that the old file could not support, and a documented monthly process now in place.
A $77,000 reassessment landed at a vendor assembling due-diligence records in Victoria, British Columbia. It rested on a bonding limit capped because the last statements were prepared on a cash basis. The objection was allowed in full.
A vendor assembling due-diligence records in Victoria, British Columbia had been reassessed for $77,000. 16 days were left on the objection deadline. The reassessment rested on a bonding limit capped because the last statements were prepared on a cash basis. We filed the objection inside the deadline with a complete submission rather than a placeholder. Alongside it, we upgraded the engagement to a CSRE 2400 review, completed the additional procedures, and delivered a package the lender accepted without conditions. The appeals officer allowed the objection in full. $77,000 was reversed and the account returned to a nil balance.
4 years of returns were outstanding at a corporation entering a shareholder buyout in Burnaby, British Columbia. That came on top of a shareholder agreement calling for audited statements that had been satisfied with a compilation for years. Filing on real numbers removed $13,500 of assessed tax.
A corporation entering a shareholder buyout in Burnaby, British Columbia had not filed for 4 years. The CRA had issued arbitrary assessments. The business was carrying a shareholder agreement calling for audited statements that had been satisfied with a compilation for years. That came on top of a growing interest balance. We started with the oldest year and worked forward so each year's closing balances fed the next. We described the revenue and inventory policies in the basis-of-accounting note in terms a lender could follow without asking a question. We filed the years in sequence rather than all at once. Every year is now filed and assessed on actual figures. The notional assessments were vacated and $13,500 of the estimated balance came off, with a payment arrangement covering the rest.
An incentive review at a franchisee reporting to its franchisor in Winnipeg, Manitoba recovered $88,000 across 3 open years. It found a bank asking for a review engagement while the file only supported a compilation.
An incentive review at a franchisee reporting to its franchisor in Winnipeg, Manitoba started from a simple question: what has never been claimed? The answer ran to 3 years. It was driven by a bank asking for a review engagement while the file only supported a compilation. We compressed the close to 45 days by moving reconciliations into the monthly cycle, so the covenant deadline stopped being a scramble. We documented eligibility to the standard a reviewer would apply rather than the standard a claim form requires. The credits produced $88,000 across the open years. The tracking now in place means the following year's claim is documented as the work happens rather than reconstructed afterwards.
Meet the specialists behind your Audit Readiness Review filings. Our Partners Are Alumni of the World's Top Accounting and Tax Institutions
CA (ICAI), CA (MIA), CPA Canada (In-Depth Tax Program)
Canada Tax, International Tax, Cross Border Tax, Transfer Pricing
International Tax, Transfer Pricing Specialist
CA (ICAI), Canada Tax Expert
CA. Fractional CFO and Senior Advisory Specialist
Same fixed fees in every province. Find your city or your sector.
Direct answers to what Canadian business owners actually ask before hiring an accountant.
Audit Readiness Review starts at a fixed fee quoted before any work begins. The quote is locked at the outset and does not change mid-engagement, and you pay only after you have reviewed and approved the deliverable. Compare every plan on our transparent pricing page.
At minimum: prior-year returns and notices of assessment, your bank and credit-card statements for the fiscal period, payroll records if you have employees, and GST/HST filings. We send a checklist tailored to your situation after the free 15-minute call.
Most engagements are completed within 3 to 5 business days once your documents are complete. Catch-up work covering multiple years takes longer, and we tell you the realistic timeline before you commit rather than after.
We respond on your behalf at no extra charge for any return we prepared. Every figure we file is supported by documentation retained in your file, which is what turns a CRA review from a crisis into correspondence. See how our CRA audit representation works.
Yes. Late filing penalties compound at 5% of the balance owing plus 1% per month, so the cost of waiting is real. We prioritise catch-up work and, where eligible, file under the CRA's Voluntary Disclosures Program to reduce penalties.
Yes. We serve clients in every province and territory at the same fixed fees, so your location does not change the price or the service. Browse our coverage across Canada to find your city.
We work across construction, healthcare, e-commerce, professional services, restaurants, real estate, transportation, technology and non-profits, each with its own deduction profile and CRA scrutiny patterns. See all industries we serve.
Software applies the rules you already know about. An experienced tax accountant finds the ones you do not: capital cost allowance timing, the small business deduction threshold, shareholder loan repayment rules, and TOSI exposure on family dividends. The fee is usually smaller than the deductions it surfaces.
Our audit readiness review services include complete filing, compliance management, and strategic advice customized to Canadian tax laws.
You can start by booking a free 15-minute call. We will review your files, provide a fixed quote, and start working immediately.
You are asking the right question, and it has a real answer. A compilation cannot be used where a third party requires assurance. Supplying one where a review or audit was required is a common cause of a financing application stalling. What we add on top of that is the paperwork discipline that makes the answer stand up if anyone ever asks you to prove it.
Our answer starts where the legislation starts. Comparative figures matter: a restated prior year needs disclosure of the restatement, and lenders read the comparatives as closely as the current year. From there it is a matter of applying it to your year — and that application, not the rule itself, is where a tax services provider earns the fee.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
File a T1 return for the year, sending it electronically with CRA-certified software or mailing a paper return. Gather your slips and receipts first and check them against the ones listed in My Account. For the 2025 tax year the filing and payment deadline was 30 April 2026, or 15 June 2026 to file if you or your spouse were self-employed, with payment still due 30 April 2026. CRA online filing for 2025 returns closes 29 January 2027.
There is no single rate. Federal personal income tax for 2026 runs through five brackets: 14%, then 20.5%, 26%, 29% and 33% on the highest band, and your province's brackets stack on top, so your combined marginal rate is the federal rate plus the provincial one. The 2026 federal basic personal amount is $16,452, tapering to $14,829 as net income rises from $181,440 to $258,482. Capital gains and Canadian dividends are taxed on a different basis.
Work out the tax you actually owe for the year, then compare it with what has already been paid. Total your income, subtract deductions to reach taxable income, apply the federal and provincial brackets, take off your credits, and set the result against the tax withheld on your T4 and other slips plus any instalments. If more was withheld than you owe, the difference is your refund. Tax software approved for NETFILE runs the same arithmetic once your slips are entered.
For the 2026 tax year, federal rates are 14% on the first $58,523 of taxable income, 20.5% from there to $117,045, 26% to $181,440, 29% to $258,482, and 33% above that. Each rate applies only to the income inside its own band, so moving into a higher bracket does not raise the tax on the income below it. Provincial or territorial tax is added on top.
There is no single percentage. Your employer applies the federal withholding table plus the table for your province or territory, using pay frequency, your annual rate of pay and the amounts claimed on your federal and provincial TD1 forms, then adds CPP contributions and EI premiums until the annual maximums are met. Pension contributions, union dues and benefit premiums come off separately. The CRA's Payroll Deductions Online Calculator reproduces the exact figures shown on your stub.
Federally, no. Employer contributions to a private health services plan covering medical, dental and hospital care are not a taxable benefit, so they do not show up in your income. Quebec taxes them provincially, which is why a Quebec slip can show an amount the federal one does not. Premiums you pay yourself, including the employee share deducted from pay, can count as medical expenses on your T1. Group life and some wage-loss plans are treated differently.
A refund is paid as one amount for the return it relates to, not in instalments. With direct deposit it usually arrives about two weeks after an online return is filed. The CRA can reduce or hold it to cover tax you owe for another year, or a debt it collects for another government program. If you file several years at once, each return produces its own separate refund.
Yes. Tips and gratuities are taxable income whether they come by card, through a pooled arrangement, or as cash handed straight to you. Controlled tips your employer distributes are already inside the employment income on your T4; direct and cash tips usually are not, so you report them yourself as other employment income. Keep a daily record, because the CRA can assess unreported tips from deposits and industry patterns. Servers, bartenders, stylists and drivers are all covered.
E-books are taxable. GST at 5% applies, with HST or provincial sales tax added according to the buyer's province, and non-resident digital sellers must register and charge tax on sales to Canadian consumers. The point-of-sale rebate that removes the provincial part of the HST on printed books does not extend to digital editions, so an e-book can carry more tax than the paperback. Check the CRA's guidance on books and digital products before pricing.
An RRSP contribution is a deduction, so it lowers taxable income and saves tax at your marginal rate: the higher your top bracket, the more each dollar contributed is worth. Lower net income can also lift income-tested benefits. Each year's new room is 18% of prior-year earned income, capped at that year's dollar limit — $32,490 for 2025 and $33,810 for 2026 — then reduced by any pension adjustment; unused room carried forward from earlier years is added on top of that cap, so banked room can put your total well above the annual limit. You may contribute now and claim the deduction in a later, higher-income year.
Both, at different points in the statements. Income tax for the period is an expense on the statement of profit or loss, while the amount still owing at the reporting date sits on the balance sheet as a liability, usually shown as income taxes payable. Sales tax works differently again: GST/HST you collect is never revenue and never an expense, it is a liability owed to the CRA net of the input tax credits you claim.
Yes. Your return asks for your spouse or common-law partner's name, social insurance number and net income, even when that income is nil and even when they file a return of their own. The CRA uses the combined figure to calculate income-tested credits and benefits and to check claims such as the spouse or common-law partner amount. Their income is not added to yours as taxable income; it is disclosed on the identification page only.
Reviewed and fact-checked by Udit Gupta
Ex Big 4 — Ernst & Young, Deloitte · International & cross-border tax specialist · CPA Canada (In-Depth Tax Program) · Chartered accountant, ICAI & MIA
Udit Gupta has over 15 years of experience helping corporations and business owners with corporate structuring, corporate tax filing, bookkeeping, payroll, GST/HST, cross-border tax and CRA representation. He is Big 4 trained, at Ernst & Young and Deloitte, and qualified as a chartered accountant in India and again in Malaysia. In 2014 he founded his accounting practice to serve entrepreneurs, startups and non-resident business owners across Canada. View full member bio.
The Institute of Chartered Accountants of India — member 521458 · Malaysian Institute of Accountants — member CA 44667 · Ex Big 4: Ernst & Young, Deloitte · CPA Canada (In-Depth Tax Program), completed 19 Dec 2023 · In-Depth GST/HST Part I, 12 Jul 2022 · Part II, 5 Jul 2023
Editorial policy. Every page is researched against primary sources — the Income Tax Act, CRA publications and CPA Canada guidance — and every rate or threshold is stated with the tax year it applies to.
Sources. CRA — Businesses · Income Tax Act (Justice Laws Website)
