Audit Defence at the September 23 CE Summits

Join Knowledge Bureau President Evelyn Jacks, and guest speakers for a full professional training experience at the next Virtual CE Summit on September 23, 2021. Everything is included, even the food, when you RSVP by August 23!

This online course and live CE Summit is ideal for training new and returning staff working in independent tax filing firms, CPAs in public practice, financial services firms, public trustees, legal assistants, municipal officers, payroll and software companies who employ staff involved with Retirement and Estate Planning. 

The Live Virtual session will also put advisors in touch with a national network of like-minded professionals.

Meet the Speakers & Their Topics

EVELYN JACKS
DFA-Tax Services Specialist, RWM™, MFA™, MFA-P™
Evelyn Jacks is the Founder and President of Knowledge Bureau, Canada's leading national educational institute for professional development in the tax and financial services.  Evelyn is Canada's most respected educator in tax and financial literacy and one of Canada's most prolific financial authors, having written 55 books, many of them best-sellers.  Her most recent is Make Sure It's Deductible. Evelyn appears regularly in national and regional media including Globe & Mail, MoneySense Magazine, on BNN, CBC and Global.  Follow her on LinkedIn and Twitter @evelynjacks.

SESSION 1 -  TAX COMPLIANCE ISSUES- PERSONAL, CORPORATE, GST/HST AND PAYROLL  

It’s officially tax audit season.  Learn the latest tax news for personal and corporate tax filers from a compliance point of view and drill down on the key audit triggers for 2019, 2020 and 2021.  The object:  planning for tax efficiency – after taking into account and managing the risk of CRA audits. 
 
In particular, the various pandemic supports for staffing will be under the microscope.  These are based on revenue declines and various forms of compensation over tax years 2019-2021.  Learn more about the most tax-astute ways to manage salaries or wages, advances or bonuses, commissions, reimbursements, work-at-home costs, retiring allowance, severance pay, sick pay, as well as tax free and taxable benefits, and how they impact tax auditing post-COVID.

SESSION 2 - NEW RULES: PREPARING FINANCIAL STATEMENTS  
Proper, accurate and consistent financial statement preparation is required by management to run the business, third parties for the purposes of investment and lending and CRA for the purposes of auditing.  Learn a framework for satisfying all three needs and how bookkeepers and tax practitioners can work towards a consistent standard acceptable by all three stakeholders to the documentation and back-up processes required behind the numbers on the financials.

SUSAN WATKIN
MI, BSc., MFA-Business Growth Specialist

Susan Watkin, MI, BSc., MFA-Business Growth Specialist, is a private accounting educator, course and textbook author, and business advisor. She has is a regular contributor to Knowledge Bureau courses and live events and recently completed my MFA as a Business Growth Specialist. Her work has been featured in publications across Canada; she has been a guest on “The Social”, “CTV – Your Morning” and “The Marilyn Denis” show, discussing personal income tax

SESSION 3 - INTRODUCTION TO GST/HST FILING REQUIREMENTS FOR BUSINESS PROFILES
 
GST/HST requirements and rules can be complex to navigate, especially for various business industries or for those individuals new to accounting and bookkeeping. It is necessary to ensure GST/HST returns are prepared with accuracy and are compliant, so an understanding of the general rules, including place of supply rules and the tax statuses of different services and products is essential. In this session, we will review how GST/HST works across Canada, in terms of Participating and non-Participating provinces and territories. At the same time, we will discuss how place of supply impacts businesses and how they must apply GST/HST to their sales when selling across Canada, physically and virtually.

SESSION 4: GST/HST FOR NON-PROFITS AND CHARITIES AND OTHER BUSINESS SECTORS 

In addition to the standard regulations for GST/HST collection and reporting, there are certain industries with more complex considerations. Sectors such as non-profit organizations, construction, or even ride-sharing businesses, have unique transactions, from non-taxable supplies, rebates, to changes to the small supplier rule. Working with organizations with special sales tax needs requires an understanding not just of the standard rules surrounding the federal GST/HST program, but these individual intricacies and their rules and requirements. In this session, we will discuss the program as it relates to these types of businesses and how to support them so that they not only stay compliant but are also not missing out on potential rebates.

MARCO IAMPIERI
B.A., JD, M.B.A.

Marco Iampieri, B.A., JD, M.B.A, is a tax lawyer, focusing on tax appeals/tax litigation and tax planning regarding personal income tax, corporate income tax and GST/HST.  He is passionate about tax, explaining complicated tax legislation in plain language. Marco is an Executive Member on the Ontario Bar Association, Tax Law Section. He authored the Featured Article for the OBA Spring Newsletter about the General Anti Avoidance Rule. Marco graduated from the prestigious combined JD/MBA program at the University of Ottawa, and accepted an offer to attend Osgoode Hall Law School for the Master of Laws program in Taxation
(expected graduation September 2022).

SESSION 5 - THE LEGAL VIEW: CRA WANTS TO QUESTION YOU
 
CRA has new audit powers thanks to the April 19, 2021 budget and a loss in court. CRA can now require taxpayers to respond orally to audit questions, instead of writing only. Tax Specialists can add big value being present throughout this process. Find out how to properly respond, understand better what issues are statute barred, and what rights CRA has to go on “fishing expeditions” and expose statute barred returns of innocent third parties to new audit potential.

JENIFER BARTMAN
CPA, CA, CMC, MFA, RWM™

Jenifer Bartman, CPA, CA, CMC, MFA-Executive Business Growth Specialist, RWM is the Founder & Principal of Jenifer Bartman Business Advisory Services, providing business and succession planning, growth strategies, financing readiness, executive coaching, and performance improvement. Jenifer is well known for her venture capital and early-stage financing expertise and has written numerous certificate courses for Knowledge Bureau, has been a speaker at DAC and the CE Summits.  Jenifer has co-authored Master Your Investment in the Family Business: How to Increase After Tax Wealth, with Larry Frostiak and Defusing the Family Business Time Bomb, with Evelyn Jacks.

SESSION 6: FORECASTING FOR BUSINESS GROWTH
AND TRANSITION

What are the steps that an accounting department can take to have the necessary financial records and results on hand in advance of a business transition? Learn about the due diligence process, what buyers and sellers need, and how to achieve a managed result. In this informative session, understand how to support a business leader prior to, during, and after a transition and gain an understanding of the strategic mindset so often displayed by business leaders. You'll come to understand how the accounting function can take steps to add value, in both day-to-day operations and times of transition.

SESSION 7: SALE OF A BUSINESS

Understand the broad issues that a business must address in assessing the desirability of an acquisition.  Identify the elements of a business that a buyer would typically need to examine to gain an understanding of the potential results of a business purchase including: what does a buyer look for in evaluating a potential acquisition? How does a buyer assess whether a potential acquisition is a good fit?  What key business areas are typically important to most buyers?