Watch a qualified CPA instructor teaching the course and access a copy of the same course material that is provided to attendees of an in-person session. 

After registering for a Video on Demand course, CPA Saskatchewan will send you information on how to access the course within 2 business days.

Click HERE for more information on Video-On-Demand courses.

OBJECTIVE:
One of the most terrifying situations for taxpayers involves the receipt of an audit notice. Building upon GST/HST - Fundamentals, the seminar provides an in-depth examination of the audit process.   In addition, the most common audit exposures for taxpayers are discussed in detail.

During the seminar, participants review 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. The 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. 

WHO WILL BENEFIT:
Those who want to obtain a greater understanding of the common GST/HST audit exposures as well as the CRA audit process.

LEARNING OUTCOMES:
By the end of this course, participants will 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, and
• identify most common audit exposure

CONTENT:

•  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 

PREREQUISITE:
GST/HST - Fundamentals and/or a strong working knowledge of GST/HST rules