There are many forms of income and deductions that may be reported on a tax return. On a Personal T1 return it may include income such as self-employment (proprietorship) and foreign investment or pension sources, as well as employment expenses, investment carrying charges or donations made to charities.
In the event of a tax audit, the onus is always on the taxpayer to provide proof of self-reported income and deductions claimed.
When we prepare your taxes for you, TPC will ensure that we only report and claim those amounts for which credible proof exist. Should your return be selected for income and deduction verification or a full audit, TPC can provide you with the expertise to respond to CRA in a timely and effective manner. And because we also guarantee the accuracy of the returns we prepare, TPC will reimburse the interest that may result from a reassessment, up to twice the cost of the original tax return preparation.