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Sales Tax Recovery

Are you overpaying sales taxes?
We can help you recover lost profits by identifying tax recovery opportunities and ensuring to maximize those dollars.

Home > Finance & Tax Performance > Sales Tax Recovery
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To help lighten the burden of your tax costs by helping you paying the right amount, our team will accompany you until the recovery of undue sums, and will help sustain the reductions put into place. These savings could finance part of your future investments and your development long term.

Sales Tax Recovery

The variable nature of business environments can sometimes lead to the inefficiency of certain processes with respect to sales tax collection. Human errors inevitably affect your expenses. While automating procedures can simplify many day-to-day activities, it can also lead to inaccuracies that are difficult to identify. Companies that carry out multiple transactions at a high volume and call on different suppliers are sometimes forced to overlook significant expenses.

Independant Review

Over time these expenses end up having a serious impact on the bottom line. An independent review of sales tax expenses and procedures would isolate areas where sales tax was paid unnecessarily, helping you to recover lost profits. This review will identify where errors are produced by reducing over payment caused by automating procedures, the different levels of human intervention, the number of suppliers, or the complexity of operations. Without regular monitoring and awareness of when and how over payment can occur, margins of error remain possible and create often erroneous sales tax catches. These types of mistakes are unfortunately common and lead to an undeniable loss of profit. Ayming can help you reduce this loss.

Common Industry Challenges

Companies conducting high volumes of transactions involving multiple vendors can easily overlook substantial disbursements which over time can have an impact on the bottom line.

  • Have I overpaid on sales taxes? How do I know if I have?
  • Can I increase visibility to my sales tax expenditures?
  • Where can I keep up with the constantly evolving legislation?
  • How do I avoid repeating the same errors in the future?
  • How can I implement effective changes across my organization?

Without regular monitoring and increased awareness of where and how over payment can occur, the combination of these elements creates room for further inaccurate tax capturing leading to frequent errors and ultimately, lost profits. Ayming can help you recover these lost profits.

How Ayming Can Help

Holistic Approach to your Taxes

Ayming’s experts conduct a comprehensive exhaustive review of all Canadian sales taxes (GST, HST, QST), and provincial sales taxes. We identify any tax recovery opportunities for our clients and maximize those dollar with our industry knowledge, expertise, and proprietary tools. Our consultants have in-depth experience working with large complex organizations in all industry sectors combining senior level financial professionals with advanced analytical techniques.

A Thorough Technical Analysis

Our experts diligently work to uncover the strengths and weaknesses of your sales tax model, allowing us to identify anomalies, address resource allocation, and any information disconnects. This process minimizes your time and internal resources with the majority of the review completed remotely (onsite visits as required).  The results are delivered and documented in the 3 reports identified below:

Profit Recovery Report

Delivered upon the completion of the field work, this report provides comprehensive and well-documented details of the results of our on-site review. This report will provide invoice-by-invoice schedules of all findings by type including full documentation and any necessary steps required to recover over-payments.

Any findings that will require the preparation of formal refund claims for submission to the taxation authorities will be accumulated throughout the course of the review. At the conclusion of the review, Ayming will prepare all necessary refund claims for your review, approval, and signature. No additional work is required by your staff.

Process Improvement Report

In order to assist you in bench-marking your processes, this report outlines the recoveries resulting from our review and provides an analysis of the types of anomalies identified during our review engagement. In addition, this report provides a road map with detailed recommendations for correcting the structural issues that led to said anomalies, in order to minimize them going forward.

Liability Identification Report

A major component of our commitment to assisting your business in reaching its goal of compliance, is our Liability Identification Report. During the engagement, your assigned tax professional notes areas of sales tax underpayment. These exposure areas would typically be accumulated and discussed with the appropriate staff on an ongoing basis.

At the conclusion of the engagement, these exposure areas are incorporated into a confidential written report and are submitted to our primary contact, or designated advisor. The report details each area of sales tax exposure and provides specific government commentary on those issues. This report, along with your access to our client service staff, demonstrates a commitment to a collaborative process that assists your staff in identifying and resolving exposure issues where necessary.