GST/HST - CRA Audit

Overview:

One of the most unsettling situations for taxpayers involves the receipt of an audit notice. Building upon GST/HST: The Fundamentals, this course provides an in-depth examination of the audit process. In addition, the most common audit exposures for taxpayers are discussed in detail. This course provides you with an in-depth look at CRA Audit procedures and discusses how audits are selected, common assessment areas, and how to minimize audit assessments.

During this course, you will receive an overview 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 course will explain ways to proactively prepare for a future audit, manage an audit, and cope with post-audit issues, including the assessment of penalties and the notice of objection process. This information will benefit those who work with sales taxes on a daily basis, as well as those practitioners who do not practice full time with sales tax matters.

Course Content:

In this course, you will gain knowledge about the following topics:

• Overview of the audit – audit basics, types of audits, audit selection, audit lottery, audit period, standardized accounting, voluntary disclosures, and directors’ 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, builders as landlords, real property purchases, GST vs. HST place of supply rules and applying current and correct tax rates

Learning Objectives:

Upon completing this course, you 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

Who Will Benefit: 

Although all course participants will gain a significant amount of knowledge about audits, this course 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.