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The Audit Shield claims team continues to be busy processing claims from client CPA accounting firms across Canada and they have identified some noteworthy claim statistics that may be of interest to your CPA accounting firm.
As a general statement, Audit Shield CRA claim activity was up 25% in November 2021 when compared to CRA claim activity in November 2019.
Furthermore, Audit Shield CRA claim activity was up 20% in December 2021 when compared to CRA claim activity in December 2019.
Why are we sharing this?
Because those statistics show that CRA review activity is back to pre-COVID levels and our claims team predict increases in CRA compliance activity into 2022.
Diving a little deeper
These are just three of the active projects that the CRA is focussing on:
- Capital Cost Allowance with letters being sent out by the CRA on 7 Dec, 13 and 14 Dec (relating to years 2018-2020)
- Advertising and promotion deductions
- Travel allowance rates (covering years 2019-2020)
Other common audit activity areas that our claim team see as very prevalent are:
- GST/HST/PST/QST Reviews of Businesses (Pre and Post Assessment Reviews)
- T4 payroll discrepancies (queries on how the TWS form PD27 has been completed)
- Processing reviews on T1’s
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In the information session you’ll learn how some of Canada’s most proactive CPA firms are protecting their clients and eliminating the need to write off their fees at the same time, with Audit Shield.
Protect your clients against additional fees with Audit Shield this tax season.
CRA review and audit activity is already back to pre-COVID levels, and we predict huge increases in CRA compliance activity going forward.
The premise of Audit Shield is very simple. It is a solution offered by a CPA accounting firm that provides for the payment (often this is written off) of professional fees incurred when their client is selected for a review, audit, inquiry, investigation, or examination of filed returns instigated by the CRA and other provincial revenue authorities.
With Audit Shield the accountant and the client can take on a CRA review or audit, side by side, responding in the most thorough way, without the cost or stress being a concern.
Why CPAs in Canada like Audit Shield:
- No COST solution, in fact you retain an admin fee each year
- No claim DEDUCTIBLE, no minimum claim
- We do the work to send the offer to your clients (goes on your letterhead)
- If your client is subject to a review or audit – you claim 100% of your time responding (up to the sum insured)
- Claims are paid directly to you within 5 working days
Audit Shield client testimonial.
Don’t just take our word for it, read what two client accounting firms in Canada had to say about Audit Shield.
As a tax specialist with almost 40 years of tax experience, this product could have saved clients significant fees that they have paid to have their tax enquiries covered. I encourage anyone in the business community to consider this. Our clients have been pleased with the option of using Audit Shield – the vast majority of corporate clients have opted in to the program.
Smith & West Chartered Professional Accountants, Ottawa ON
Thomas West, Tax Partner
We have seen an increase in Canada Revenue Agency audit activity in recent years, so we believed it would be beneficial to offer Audit Shield to manage those costs to our clients. We also believe that when services like Audit Shield exist, our role as advisors is to present the option to our clients and let them decide what is best for them.
Bevan & Partners, Brooks AB
Carrie Gronemeyer, Partner
For more information, arrange an obligation free, Partner’s information session and see how you can recover 100% of your time in responding to CRA reviews and audits with Audit Shield.