You never know when you are going to be subjected to a tax investigation by Canada Revenue Agency (CRA). This is the reason why opting in to a tax investigation insurance is one of the best things you can do for your company. There are several accountancy insurance companies that offer assistance to clients who may be subjected to enquiries, investigation or reviews of a file return. The service provided by these investigation insurance companies is in a form of financial assistance. This means that if you or your company opted in for the service, any financial obligations incurred during the investigation or tax enquiry by CRA would be covered by the company by virtue of the insurance. This way, you won’t have to worry about unexpected financial obligations during these obligations because you have an insurance to back you up.
This investigation insurance can be obtained by either individuals as a business owner or by companies. If you want to get hold of an investigation insurance policy, the first thing that you should check is the reputation of the company that you are considering. First, find out how long has the company been in the business. The longer they have been in the industry, the better. Opt for a tax investigation insurance provider that has been serving its clients for over 10 years. Anything less than 10 years should be a point for reservation.
Apart from the experience in the industry, find out what the company’s previous and even current clients have to say about the accounting insurance firm. These client testimonials are usually found on the company’s website. This will give you an idea on the kind of professional you can expect from the company should you decide to opt in for the service. If you see more negative feedback than positive, then it’s time for you to look for different tax investigation insurance. you can ask for referrals from your company’s accounting or auditing firm or you can simply check the internet for different service providers that you can get in touch with.