Our 14 point RighTaxReview is designed to ensure all available commodity tax credits and refund opportunities are identified,analyzed and validated, for clients to turn into cashflow. It also provides our skilled professionals the insight to offer guidance and recommendations to prevent futue errors and inefficiencies.
RighTaxReview is tailored to each client's operations, ensuring nuances specific to the client are addressed. We don't believe the "one-size-fits-all" approach can address our clients' unique processes and circumstances.
The review includes a review and assessment of all procedures and processes that affect commodity tax related transactions. Potential overpayments or underrecoveries of commodity tax are investigated and validated with supporting evidence and legislation. We provide detailed itemized schedules together with supporting evidence as well as legislative where necessary, of our findings. We prepare and submit claims on our clients behalf, and pursue credit and refund opportunities with the relevant tax authorities. In addition, we provide a discreet report to clients highlighting any potential commodity tax exposure areas identified in the review.
At the conclusion of the review clients are provided with a report identifying where and how errors and issues occurred. We provide guidance as to how to prevent and detect any future errors similar in nature to the ones identified in the review. Our trained professionals provide training to client staff if required.
We identify if there are resource shortfalls and offer guidance and training to overcome these issues
We analyze systems impacting the commodity tax accounts, and identify any weaknesses and system breakdowns that might exist.
We provide wide-ranging reviews of your Accounts Payable system. Our approach, utilizing our custom software, identifies duplicate or erroneous payments, unutilized credits and assesses compliance with vendor rebate and discount agreements. Our team provides meaningful SWOT analyses of your system.
Companies are continuously seeking effective ways to cut costs and manage cash. Accurate recovery and payment of commodity taxes, VAT/GST/HST/QST/PST, is a stream that directly impacts cash resources and cashflow.
Whilst companies are generally prudent, and ensure commodity taxes collected on revenues are paid in a timely manner, they often don’t have the resources available to ensure the accuracy and timeliness of recovery of taxes paid. Canada and the provinces impose commodity taxes on the sale of goods and provision of services, rent, and the importation of goods and services. Commodity taxes paid by business enterprises on their purchases are refundable within a defined period of time.