CRA audit activity is on the rise which leads to 2 difficult problems for CPAs
Write off work
completed
OR
Have a difficult conversation
with clients about fees required
We can help.
Audit Shield is a no upfront cost solution to protect against the fees associated with responding to CRA audits and reviews. Audit Shield provides the reassurance that you and your clients deserve.
Let us show you why thousands of CPAs worldwide have chosen Audit Shield as a trusted value added service for them and their clients.
Learn More
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What is Audit Shield?
We provide the peace of mind that you and your clients deserve. Audit Shield is a fee protection service that covers the professional fees for both you and your clients in the event that they are subject to an audit, enquiry, investigation, or review (audit activity) by the CRA.
That sounds great but how does it work? Well, your firm would hold an insurance policy that covers the professional fees incurred as a result of audit activity, so in the event of an audit by the CRA, you are able to recoup all of your professional fees that you would typically charge your client.
Audit Shield allows you to continue providing exceptional client service without the worry that comes with it. No more write offs.
Audit Shield is revolutionizing the future of accounting here in Canada.
Click the video below to find out about the benefits of Audit Shield.
Carrie Gronemeyer
Partner, Bevan & Partners, Brooks AB
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.
Mike Redden
Partner, Good Redden Klosler LLP, Simcoe & Tillsonburg ON
Audit Shield gives our clients freedom from uncertainty. Clients come to accountants to get things done properly, but with the Canada Revenue Agency in the mix, things can go off the rails. Audit Shield gives clients a level of assurance that everything is going be ok.
Hugh Neilson FCPA, FCA, TEP
Director, Taxation
I know that I've been very happy with the results of making Audit Shield available to clients at our firm. Even clients who decline still appreciate being afforded the choice, and I have had quite a few note that this is a no-brainer for them, based on costs incurred in the past from CRA reviews.
Michael Keltz
Principal, Michael H. Keltz Chartered Accountant, East York ON
It was no hassle to implement Audit Shield and the Accountancy Insurance team were pretty spot on with the expectation of client take up.
Benefits of Audit Shield
Thousands of accounting firms can attest to the genuine benefits of Audit Shield. Here are the highlights:
- Audit Shield covers the professional fees normally charged to your client when you assist them to respond to eligible official audits, enquiries, investigations or reviews of filed returns.
- It avoids disputes with your clients regarding fees incurred as a result of audits, and possible fee write offs as a result.
- Fees are paid promptly, direct to you.
- There is no deductible payment.
- It is a proactive, cost effective solution for your clients.
- Audits of previously filed returns are also covered, including those you did not lodge or prepare*.
- There is no cost to you to offer the service to your clients.
- It indicates to your clients that you are proactive and are looking out for them.
* The audit must be instigated during the period of cover.
Audit Shield claims in Canada
The Accountancy Insurance Claims Department continues to be busy processing claims from client CPA firms across Canada. In fact in the 3 1/2 years we have been in Canada we have paid/accrued $7.5M in claims ($2.3M of that has been in the last 6 months ending mid-January 2020).
Of the processing reviews of T1’s, medical expenses, charitable donations and moving expenses were the biggest types. While these amounted to 37% of the total number of claims received, they equated to only 12% by value.
In 2018 we saw a huge number of T2 limited reviews of professional fees and class 10 vehicles. We can report that 90% of these reviews resulted in no change to the assessment.
The 2019 CRA T2 limited review project is on vehicle expenses. The other project CRA seems to have just launched is from Aggressive Tax Office – T1 distributions from trusts.
Frequently Asked Questions
Want to know more, like:
- Why is Audit Shield different from other tax audit insurance offerings?
- Will it cost me anything to implement Audit Shield in my firm?
- Will I be able to claim all my professional time?
Find out the answers to these questions and more here:
