Overview
-
Understanding the audit Process
4 mins
-
Taxpayer's Obligations
22 mins
-
What to Expect in a CRA Audit
33 mins
-
What Triggers an Audit
44 mins
-
Preparing for an Audit
73 mins
-
Systemic Challanges
100 mins
-
Voluntary Disclosure
146 mins
Course Description
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.
This continuing
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
or delays
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:
- What to
expect in a CRA audit?
- What triggers
an CRA audit?
- What is
reverse onus?
- What are the
systemic challenges?
- What are some
warning signs?
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Learning Objectives
- To discuss the CRA Audit Process
- To identify factors which may trigger and audit.
- To determine how to complete the audit smoothly
- To discuss the Strategies for negotiation and settlement.
- To describe the challenges and pressure of an audit.
- To determine the general trend of CRA audits.
- To discuss the taxpayer’s rights.
- To determine the procedure to prepare for a tax audit and learn about its process.
Recommended For
- This online CPD course is good for Canadian CPAs and Tax professionals engaged in advising their clients on CRA audit.
Who Should Attend?
- Accountant
- Accounting and audit managers/practitioners
- Auditors
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- Entrepreneurial CPA
- Young CPA