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Virtual CE Summit

September 23, 2021

Audit Defence: Managing Risk, Compiling Financial Statements, GST & Payroll

Enrolment deadline: September 23, 2021

Everything is Included for a Full
Professional Training Experience

  • Part 1: The virtual instructor-led session on September 23. Attend and earn 10 CE Credits. Recordings available after as part of the online course, until June 28
  • Part 2: Knowledge Bureau’s online course available September 24 - completion date is October 28 Earn 20 CE/CPD credits
  • Certification and accreditation

WHO SHOULD ATTEND?

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.

WHY ATTEND?

Our Attendees Say It Best!

“Very interesting and up to date information. I am sure that ANYONE taking this course would be able to take away something meaningful. “- Kassandra Klassen

“Loved the fact this was a virtual seminar! I found all of the speakers chosen for
this seminar to be very well informed, they were qualified professionals which
made it an absolute pleasure hearing them speak.” - Dipak Ranchod




Detailed Agenda

(Come back often as new details are released)

Audit Defence: Managing Risk in Compiling Financial Statements, GST & Payroll

September 23, 2021

9:00 AM CST

Log into Zoom: Virtual Welcome

9:00 - 9:45 AM

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

Evelyn Jacks

MFA™, RWM™, DFA-Tax Services Specialist, MFA-P™

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. Different forms of remuneration can make a big difference in how employers contribute to the overall financial health of their employees and ultimately help them build financial peace of mind. 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.

Additional Educational Resources: DFA-Tax and Bookkeeping Services Specialist™ Designation Programs

9:45 - 9:55 AM

CHAIR YOGA STRETCH


9:55 - 10:35 AM

SESSION 2: NEW RULES: COMPILING FINANCIAL STATEMENTS

Evelyn Jacks

MFA™, RWM™, DFA-Tax Services Specialist, MFA-P™

New financial statement compilation rules required by banks and in particular, Notice to Reader requirements, are making life expensive for business owners and affecting the work public accountants and bookkeepers do. Learn more about the changes coming to financial statement preparation and reporting.

Additional Resources: DFA-Bookkeeping Services Specialist Designation™ Program

10:35 - 10:45 AM

BREAK

Visit the Exhibit Hall and the Networking Area to meet sponsors and fellow attendees.

10:45 - 11:30 AM

SESSION 3: INTRODUCTION TO GST FILING REQUIREMENTS FOR BUSINESS PROFILES

Susan Watkin

MI, BSc., MFA™-Business Growth Specialist

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.

Additional Educational Resources: Advanced Profiles for Small Business

11:30 - 11:35 AM

BREAK

Visit the Exhibit Hall and the Networking Area to meet sponsors and fellow attendees.

11:35 - 12:30 PM

SESSION 4: GST FOR NON-PROFITS AND CHARITIES

Susan Watkin

MI, BSc., MFA™-Business Growth Specialist

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.

Additional Educational Resources: Advanced Profiles for Small Business

12:30 - 1:00 PM

LUNCH BREAK

Visit the Exhibit Hall and the Networking Area to meet sponsors and fellow attendees

1:00 - 1:45 PM

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.

Additional Education Resources: Use of Trusts in Tax and Estate Planning

1:45 - 1:50 PM

BREAK

Visit the Exhibit Hall and the Networking Area to meet sponsors and fellow attendees.

1:50 - 2:35 PM

SESSION 6: FORECASTING FOR BUSINESS GROWTH AND TRANSITION

Jenifer Bartman

CPA, CA, CMC, MFA, RWM

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? Get a good understanding of the due diligence process, what buyers and sellers need, and how to achieve a managed result. In this informative session, learn 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.

Additional Educational Resources: DFA-Bookkeeping Services Specialist Budgeting and Forecasting and Accounting for Bus. Growth and Transition

2:35 - 2:45 PM

BREAK

Visit the Exhibit Hall and the Networking Area to meet sponsors and fellow attendees.

2:45 - 3:25 PM

SESSION 7: SALE OF A BUSINESS

Jenifer Bartman

CPA, CA, CMC, MFA, RWM

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?

3:25 - 3:30 PM

CLOSING REMARKS

I have attended a few in person/Virtual Summits and always find the take-away extremely valuable! I felt this one was particularly important to attend, due to all the special circumstances arising out of 2020. The presenters did a fantastic job! I both learned important information and was reminded of things that will be important in the coming months! Awesome job! - Carla Pierce