A GALLO & COMPANY PROGRAM

Audit Shield Protection

Every year, the Canada Revenue Agency (CRA) selects both individuals and businesses to audit. The professional fees incurred as a result of being selected for an audit, enquiry, investigation or review can quickly become very significant and incredibly costly. Even if in the case that no adjustments are required, you could still be left with considerable professional fees if you are not protected. That’s why Gallo & Company is proud to offer our signature Audit Shield Protection program.

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Is your business protected?

With Gallo & Company’s Audit Shield program, you can enjoy peace of mind in knowing you and your business are guarded against the unpredictable and un-budgeted costs associated with a CRA audit.

Backed by an insurance policy underwritten by Lloyds, our Audit Shield Protection program provides an effective, fixed-cost plan that covers the expense of the professional services involved in a CRA audit, enquiry, investigation or review. Truly a convenient, affordable solution available to our entire range of clients; from T1s to businesses and individuals.

What’s covered by the Audit Shield program?

The Audit Shield program protects against a broad range of returns and financial compliance obligations, including:

»  Corporate tax

»  Business audits

»  Capital gains tax

»  GST, HST and PST

»  Employer audit and compliance

»  Payroll audits (T4)

»  Personal tax

»  And more

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What is Audit Activity?

Audit activity includes any audit, enquiry, investigation or review which is instigated by the Canada Revenue Agency (CRA) and other provincial agencies to ensure business and tax payer compliance with various tax and legislative requirements such as Personal Tax, Business Audits, Payroll Audits, GST/HST and Capital Gains Tax, amongst others.

How common are audits, enquiries, investigations or reviews?

The CRA and other government revenue bodies continue to focus on review and audit activity. These agencies are consistently provided with resources for this purpose.

Is the Audit Shield program Tax-Deductible?

Yes, a tax deduction can ordinarily be claimed for the cost of the Audit Shield program.

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