One of the most terrifying situations for taxpayers involves the receipt of an audit notice. Building upon GST/HST: The Fundamentals, this seminar provides an in-depth examination of the audit process. In addition, the most common audit exposures for taxpayers are discussed in detail.
During this seminar, you will receive a review of a typical Canada Revenue Agency (CRA) audit from start to finish as well as learn about the most common audit exposures that create assessments for taxpayers. This knowledge will enable you to minimize GST/HST exposures by identifying the most common compliance examples in real-life businesses. Finally, the seminar will explain ways to proactively prepare for a future audit, manage an audit, and cope with after-audit issues, including the assessment of penalties and the objection process. This information will benefit those who work with sales taxes on a daily basis.
Applicable for:
Although all seminar participants will gain a significant amount of knowledge about audits, this seminar will benefit mainly those who want to obtain a greater understanding of the common GST/HST audit exposures as well as the CRA audit process.
Prerequisites - Knowledge, Experience or Courses
Participants registering for this seminar should have the following prior knowledge:
- GST/HST - Fundamentals seminar
- A strong working knowledge of GST/HST rules
Learning Objectives
By the end of this course, participants should be able to:
- Explain the importance of a CRA audit
- Describe the different types of CRA audits
- Describe the audit process
- Describe a taxpayer’s rights and responsibilities
- Identify the most common audit exposures
Content
The topics in this seminar include:
- Overview of the audit – audit basics, types of audits, audit selection, audit lottery, audit period, standardized accounting, voluntary disclosures, and director’s liability
- Before the audit – proactivity and record retention
- During the audit – onsite audit communications, tips, and techniques as well as waivers
- Finalizing the audit – proposed assessment, wash transactions, information access, notice of assessment, interest, and penalties
- After the audit – notice of objection and notice of appeal
- Common audit exposures – updated laws, record keeping, meals and entertainment restriction, taxable benefit remittance requirement, expense reimbursements, non-collection of tax, supplies between related parties, real property purchases, misreporting of temporary recapture of input tax credits, and current tax rate
Seminar Leader: Diane Gaudon
Presented by PD Partner: CPA Pro
What to Expect
- This is a Live Virtual Seminar where class size has been limited to allow for an interactive learning environment.
- This seminar will not be recorded.
- Course materials, links and credentials will be emailed to you two business days before the seminar. Once sent, the email will also be found in your Account Communication tab of the CPA Manitoba Member Portal.
- Live webinars have varying levels of expected interaction, and some may require webcam and microphone capabilities – if you have concerns about the interaction required for this course, please email [email protected]
CPA Manitoba PD Terms and Conditions