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Managing CRA Audit Process! What Red Flags trigger CRA Audit

  • ACCT/BK
  • CPA (CA)

Published: September, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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

Course Qualification

Webinar Qualifies For

  • 3 CPD Credit for Chartered Professional Accountant (CPA Canada)
  • 3 General Credit for Accountant/Bookkeeper (ACCT./BK)

Additional details

  • Course Level :
    Basic
  • Credits :
    3
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

Presenter

About Presenter

Big4 CPA, CA

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.


Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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