Published: September, 2021
Does the word “audit” send chills down your spine? You’re certainly not alone!
Audits can stem from things you do — or don't do — when filing your tax return
Back in 2011, the CRA published research on the effectiveness of random versus targeted tax audits. They found that random audits detected significant non-compliance issues only 12.2% of the time, while targeted auditing based on risk assessment found significant non-compliance issues 46.7% of the time.
The CRA soon incorporated this data in their systems and now focus on identifying high-risk areas for potential audits rather than relying on random selection. This new method was a huge success, to the point where the federal government is looking to increase funding to the CRA to $1.21 billion allocated to hire new auditors and improve tax compliance. As a result, Ottawa expects to collect $5.82 billion more in taxes by 2025.
professional development course will help you understand the audit process and
how to stay off the CRA’s radar. We will talk about certain positions or types
of filing including issues that are more likely to raise the red flags and
trigger an audit and what way can you prepare for an audit to avoid penalties
In this online CPD course The speaker from Big4CPA, CA will cover different strategies and shortcuts to deal with an audit and how should you respond when an audit process starts. We will discuss what are the trends and what rights does a taxpayer has. This CPD course for CPAs also covers how to prepare for an audit and what timelines to keep in mind and what kind of challenges you can face or what are the problems auditor has to deal with at their Head Office.
This online CPD course will also talk about how to go about settlement and negotiations which the CRA, and once the decision is final what happens post-audit. We will highlight what is voluntary disclosure/taxpayers' relief request.
Major topics covered in this online CPD webinar for CPAs:
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.