(Originally posted on November 1, 2016)

 

Introducing LedgersShield – Safeguarding our Clients from the cost of Audits

 

Does even the thought of being audited by CRA send shivers down your spine?

Do you lose sleep at night worrying that sooner or later, the CRA or another government body will come calling?

Do you worry about the inherent additional accounting fees associated with an audit?

It is a very common misconception that you will be audited only if you are non-compliant in reporting taxes to the various government authorities. In fact, this could not be further from the truth!

Several things can cause your business to be selected for audit, such as:

  • Late filing of income tax returns
  • Late filing or non-filing of GST returns
  • Filing multiple returns at once
  • Late filing of T4’s and related payroll information
  • Employee complaints to the Ministry of Labour
  • Worker’s Compensation Claims
  • Significant change in your business income or expenses
  • CRA Anonymous Tip Program
  • Random Chance


Face it, it is inevitable; sooner or later, you are going to face an audit by one or more of the government revenue agencies.


If you have been watching the news, you will likely also have heard that the CRA has hired thousands of auditors for the sole purpose of enforcing the tax laws.

Well, fear no more!

Ledgers Canada is pleased to introduce LedgersShield, “Safeguarding our Clients from the Cost of Audits”™

 

LedgersShield is a Fee Waiver service which guards against unexpected and potentially significant professional fees incurred in responding to these investigations.

 

How LedgersShield Works

If you are subject to an investigation, enquiry, audit or review from CRA, or any other related Tax Agency in respect of your submitted tax returns and other filings, or Worker’s Compensation filings, Ledgers will waive the professional fees associated with the response process (up to a maximum amount). LedgersShield provides fully retroactive coverage, so all of your previously submitted returns and filings are covered the moment you subscribe to LedgersShield. (see attached LedgersShield Fee Waiver Service Terms and Conditions for further details)

Your only obligation is to subscribe to this service, be a Ledgers Client, and to pay a low, monthly subscription fee to Ledgers Canada. This fee is tax-deductible, and covers the fees related to any inquiries, reviews, audits and responses for as long as you are a Ledgers Client and you subscribe to LedgersShield.

Ledgers Canada holds an Audit Shield Insurance Policy, underwritten by certain underwriters at Lloyd’s) which has terms and conditions that mirror the LedgersShield agreement with you. This policy covers the cost of our waiving our fees to you that you would otherwise have to pay.

As a Ledgers Client, you are not automatically covered by this program, if you wish to be protected by LedgersShield, you need to complete the Client Acceptance Form and return it to your Local Ledgers Professional along with the Pre-Authorized Payment form.

Your coverage begins on the 1st day of the Month following the date of receipt by Ledgers and coverages continue each month that you maintain your subscription and you remain a Ledgers Client.

For the duration of time that you are a Ledgers Client and we act as your accountants, you will be able to benefit from our LedgersShield Program.

Please contact your Local Ledgers Professional if you have any questions.

Complete the LedgersShield Subscription today, and

“Safeguard your business from the cost of Audits”