Published: May, 2022
This CPD Online webinar is for Canadian CPAs only!!
The Canada Revenue Agency (CRA) administers tax laws and various benefit programs for the Government of Canada and several provinces and territories. Audits are an important part of the CRA’s range of activities aimed at making sure the tax system is fair for everyone. During an audit, the CRA closely examines the books and records of a taxpayer to confirm whether they are fulfilling their tax obligations, following tax laws correctly, and receiving the benefits and refunds to which they are entitled.
Most taxpayers comply with the tax laws in Canada. The CRA’s auditing processes help these taxpayers better understand and meet their obligations, as well as help to maintain public confidence in the fairness and integrity of Canada's tax system.
If you are self-employed or own a small business, excessive business expense claims can trigger an audit as well. While the CRA may find a small home office reasonable, it may raise red flags if you claim that your office takes up 50 or 60 percent of your home.
Similarly, if you claim 100 percent of your vehicle expenses as business expenses, that also raises suspicion. The agency assumes that you likely use most vehicles for personal use at least once in a while.
Join this CPD course to understand everything about CRA audit and the red flags that trigger it.
Following are the major topics covered in this CPD webinar:
Founder, AK Consulting Inc.
We are a team of Big4 CPA, CA and other professionals. We offer wide range of professional development courses for CPA members relating to Canadian Taxation, International tax, Accounting, Ethics, Business, Workplace Teams & Culture, High Performance, Soft skills, and Personal Development.
We also work with third party content creators to offer unique CPD for our CPA members, such as on latest technology, cyber security, digital marketing. and various other interesting topics.