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Managing CRA Audit Process! What Red Flags trigger CRA Audit

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

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.

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Auditors
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial CPA
  • Young CPA