Canadian Indirect Tax Recovery

Litvin Muir’s RightTaxReview is designed to evaluate whether all available commodity tax credits and refund opportunities have been captured by clients. Those that have not been are identified, analyzed and validated, for clients to turn them into immediate cashflow. Our skilled professionals then offer guidance and recommendations to prevent future 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.

WHAT'S INCLUDED
What's Included
A non-invasive, detailed review of all transactions susceptible to potential GST/HST/QST/PST costs.
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DETAILED REPORTING
Detailed Reporting
i. Profit Reclamation Report – full audit trail detailing and supporting recoveries

ii. Process Improvement Report – identification of sources of anomalies with recommended courses of action to overcome shortfalls

iii. Exposure Report – description of exposures encountered during the review
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ACCURATE RECOVERY
Accurate Recovery
Clear concise direction on how to process recoveries identified. Assistance with refund claim preparation where necessary.
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What’s Included

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.

Detailed Reporting

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. The variable nature of corporate environments can lead to inefficient processes, oversights, and human error when it comes to accounts payable expenditures. Although new procedural developments relying on increased automation may simplify many daily activities, they can also result in inaccuracies that are difficult to identify. A common issue is the misprocessing of recoverable sales taxes.

Accurate recovery and payment of commodity taxes

VAT /GST /HST QST/PST, is a stream that directly impacts cash resources and cashflow. 87.4% of companies overpay sales tax. 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. Sales Tax can be as high as 15% in Canada, so, missed recoveries are costly and expensive. 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.

Recoveries

Litvin Muir has recovered millions of dollars for businesses across the world.

Prevention

Litvin Muir identifies leakage points and provides solutions to prevent future losses.

Professional

Litvin Muir consultants are all Senior Financial Professionals with vast industry experience.

Efficient

Our reviews are conducted independently, with minimal disruption to your day-to-day office routine.

The Litvin Muir Approach

​Take advantage of our compliance check to assess if your business has any potential exposure or liabilities. We provide wide-ranging reviews of your Accounts Payable system. Our approach, utilizing our custom software, identifies duplicate or erroneous payments, un-utilized credits and assesses compliance with vendor rebate and discount agreements. Our team provides meaningful SWOT analyses of your system.

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