Kudos to KB’s Tax Audit Defence Strategies at the September CE Summit

Things are changing quickly in the tax world and attendees at the September 20 Virtual CE Summit raved about the educational content they received to stay sharp.  If you missed it, we have a great way to  stay on top the critical changes to tax planning and new burdens of proof, online,  with the new CE Savvy™ Collection – Tax Audit Defence Strategies.  You can earn 5, 15, or 30 CE Credits before year end, too. Here’s why professional advisors cannot miss this opportunity to come up to speed with the complex rules from the March 28, 2023 budget and the August 4, 2023 Draft Legislation:  you could be subject to big penalties, too.

New developments at Finance Canada stemming from the March 28, 2023 budget, including draft legislation, consultations and explanatory notes have led to the implementation of the new audit potentional:  documentation for the new refundable Multigenerational Home Renovations Tax Credit (MHRTC), the First Home Savings Account, the new GAAR, which is changing the burden of proof and the very definition of tax planning, and the  Underused Housing Tax (UHT), which has an extremely broad scope – especially for CCPCs, partnerships and trusts which hold residential properties  - and a complicated new tax return filing requirement with an extended deadline of October 31, 2023.

Why Take the Collection? Attendees on the CE Summit Learning Experience and Curriculum:

“The knowledge bureau by far is the best educational platform for taxation and other designations.  Don't know where I would be without it! I find every workshop very educational!  It keeps you thinking and looking at how fast everything is changing in the Tax World!” – Irene Arnold

“This was fantastic information on UHT and audits.  The explanation on the GAAR was also really good . . . CE Summit and the Knowledge Bureau courses are above and beyond any other training as they get right to the heart of the matter.” – Joanne Thomas

“I have been studying with the Knowledge Bureau for the last few years and always recommend it to colleagues and in my bookkeeping FB groups, etc.  The summits are always so informative and a fountain of knowledge.  I don't think that there has been a speaker that I didn't like.  KB is a fantastic institute!  Happy 20th!” – Johanne Brelis

“I think that the CE Summits and course material is very in depth and excellent as reference material.” – Shirley Carreiro

“In order to be relevant, one must be relevant. Knowledge Bureau educational programs make us relevant in the tax preparation industry. Our office recommends that our staff take at least one course or CE summit day. They’re jam packed with educational content that is current. Thank you!” – Kamla Lambert

“Very resourceful and knowledgeable information to use in accounting and taxation practice.” - Valentina Hulaj

“The Knowledge Bureau always provides the most up to date information on all the new and complex issues in a manner that is clear, concise and engaging.” – Kareen Rekowski

“The information really helped to fill in the blanks with new and emerging trends and government changes. These are important as professionals to stay up to date with.” – Amanda Glover

Why Is the Tax Audit Defence Strategies Collection Timely?

A Taxfiler’s Audit Defence a critical new skill and expectation of professional financial advisors in their relationship with taxfilers. That’s because a relationship with CRA comes with the potential for audit.  Learn why and how CRA conducts its audit activities to prepare audit proof tax returns and defend them when CRA requests justification. Then learn how to apply important tax audit defence strategies to the tax filing transactions advisors and clients participate in.

CRA is well funded and resuming its tax audit and tax collection activities.  This means that tax refunds and tax benefits can be withheld if CRA believes the taxpayer owes money.  Further, CRA can make “Refund Verification Requests” – lengthy questions to be answered about business, rental and residency – before issuing refunds to taxpayers.

The landscape and the relationship with CRA has definitely changed and deepened for all taxfiler generations – from GenZs, the Centennial Generation (born in 1997 to 2012) to the Greatest Generation (born before 1928).   

What You Will Learn

• The 6 goals of an ideal tax system.
• Why a relationship with CRA comes with the potential for audit.
• Why Real estate transactions are under the microscope at CRA.
• There is a significant burden of proof in our self-assessment system, including new disclosures required for business and rental property owners.

There are significant and expensive penalties that can be applied to tax balances, together with interest costs that make audit defence a critical component of every tax filing and tax planning transaction.

Table of Contents

Course 1 – Introduction to Tax Audit Defence Strategies

Course 2 – Meeting New Obligations in a Tax Audit

Course 3 – New Issues in Real Estate Taxation

Course 4 – Real Estate Asset Management & Reporting

Course 5 – The New Underused Housing Tax