Audit Season Begins: Will Business Owners Be Under Siege?

The June 15 proprietorship filing deadline is coming up fast, and so is tax audit season right behind that. This year, business owners may find their affairs under CRA’s magnifying glass; particularly if they claimed the CEWS and the CERS. An interesting change in the April 19, 2021 budget will make this process even more daunting.

First, advisors and their clients can expect that financial statement compilation will be reviewed across corporate income, payroll and GST/HST lines. The September 23 Virtual CE Summit will drill down on the key audit triggers for 2019, 2020 and 2021.

But in addition, the new provision proposed in the budget will give tax auditors the power to demand that answers to their questions are given either in writing or now orally, should the auditor appear on the premises and demand these responses. 

This new provision, which will be in effect after Royal Assent is given in the House of Commons, is in response to a loss CRA suffered in a decision by the Federal Court of Appeal in Canada (National Revenue) v Cameco Corporation.  The Court upheld a Federal Court decision that instructed CRA could not subject taxpayers to oral interviews under paragraph 231.1(1), which allows CRA to “inspect, audit or examine” books and records.

These issues will be the subject of the September 23 Virtual CE Summit (registration available now), and in addition next week when KBR takes on the subject of “Fishing Expeditions” by the CRA.

Specifically at the CE Summit, attendees will have the opportunity to learn more about:

• Tax Compliance Issues – Personal, Corporate, GST and Payroll
• New Rules: Compiling Financial Statements
• Introduction to GST Filing Requirements for Business Profiles
• GST for Non-Profits and Charities
• Tips and Traps in Processing Payroll
• Forecasting for Business Growth and Transition
• Sale of a Business

Why Attend? Our May 20 Virtual CE Summit attendees say it best!

If you missed this live event, there’s also still an opportunity to enrol in the Advanced Retirement & Estate Planning course which provides access to the sessions recorded live.

Now onto the comments:

“The CE Summits and DAC are exceptional events to acquire the most pertinent information that we can apply in our practice today and it's a great opportunity to network with other like-minded professionals.” – Kareen Rekowski

“CE Summits are not just about the lead topic, (ie. Federal Budget changes), but introducing different strategies for different clients, such as Personal Pension Plans and Insurance funds; always a broad perspective with varied topics.” – Maureen Carse

“The CE Summit was very informative and did provide me with information that I can use to help my clients” - Jenifer Profitt

“All speakers are well- experienced professionals. I have learned lots of valuable and useful information.” – Maria Cheng

 “Great all around professional development virtual course! Loved the holistic 360 degree real wealth management case discussions and the chair yoga in between!” – Kristin Ramlal

“All of the sessions were well done and instructive.” – Chet Kwapisinski

Thank you to the May 20 CE Summit sponsor: Home Trust

Inspired to join us, and prize winner John Carse, who received a free enrolment for the September CE Summit? This is just one of the fun perks included with each the live event, and when you register a month early you’ll receive healthy food and snacks included and a hard copy of the Knowledge Journal with our compliments.