High-Risk CRA Audits: Five Areas Under the Microscope

Small business owners and high-net-worth investors are being audited differently as CRA focuses its attention on several higher-risk areas. COVID-19 subsidies and benefits, cryptocurrency, real estate transactions, cash-intensive businesses, and the gig economy and small business are among the key targets. Ruth Horst will examine these five areas at the September 23 CE Savvy Summit: Audit Defence Management, including what’s involved and what tax and financial advisors should know when helping clients defend their filings.

Early-bird rates available until September 9, check out the detailed agenda and register here!

COVID-19 Subsidies & Benefits: Audits of pandemic-era programs continue. This includes CEWS, CEBA and other COVID-19 subsidies and benefits, raising questions about where the pain may still lie for taxpayers facing reviews of claims made during this period.

Cryptocurrency Transactions: Crypto trading and holding patterns are another area under scrutiny. International data-sharing is also providing information that can be used to identify unreported gains.

Real Estate Transactions: Property flipping, unreported capital gains and principal residence dispositions are among the issues to watch. Foreign income transactions can also bring additional attention to a taxpayer’s real estate activities.

Cash-Intensive Businesses: Construction, restaurants, bars and retail continue to be areas of focus where CRA is looking for unreported income.

Gig Economy & Small Business: Small business scrutiny extends to personal services businesses (PSBs), particularly truckers, as well as payroll audits and questions surrounding employed versus employee scenarios. High-ratio expense claims, such as 100% vehicle use, and home office claims are also on the list.

For tax and financial advisors, these areas provide an important indication of the issues that may bring additional scrutiny to a client’s return—and where good records and well-supported filings will be particularly important.

Ruth Horst will explore High Risk Audits – What’s Involved and Who’s Targeted? at the September 23 CE Savvy Summit: Audit Defence Management, as part of a full-day discussion on confidently managing CRA audits and reassessments with strategy and process. Register now!

THE BENEFITS: Tax deductible tuition includes the event presentations, an accompanying online certificate course and 20 CE Credits. Don’t miss this live virtual event to refresh your knowledge on new tax and compliance issues, high-risk audits, CRA audit processes and the emerging role of the AI-Astute Advisor. Enjoy comprehensive professional development with like-minded professionals from coast to coast!

REGISTER NOW. Ask about team member and group rates. Everything is included, plus tuition qualifies for Canada Training Credits and tuition tax credits.

The September CE Savvy Summit: Issues in Audit Defence offers a timely opportunity to prepare for greater CRA scrutiny and strengthen your ability to help clients file audit-proof returns and respond when an audit occurs. Everything is included in this professional development day.

Receive the dynamic presentations PLUS: Your 5 Chapter Online Certificate Course – Issues in Audit Defence

Consolidate your knowledge and retention of the critical information covered throughout this important Summit and prepare to provide greater value when clients face increased CRA scrutiny.

Register by the September 9 early-bird deadline to save 12% on tuition!

Or, save up to 50% on tuition when you take all 5 CE Summits and earn the Senior Tax Specialist Diploma.