Getting all your ducks in a row doesn't have to be a chore. Done right, it's almost like breathing ... you aren't even aware you are doing it.
Check out the latest articles below.
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Practical steps to follow on responding to a tax audit notice. Discusses how to file a notice of objection, misconceptions, bookkeeping tips to ease the pain.
Continue reading "Responding to a Tax Audit Notice | Steps to Follow"
If you keep your books solely for year-end and tax preparation purposes, tax experts suggest you establish this simple method to meet this requirement.
Continue reading "Year-End and Tax Preparation | Simple Tax Compliance Method"
It's a balancing act. The CRA and PIPEDA both have guidelines for business record retention, but they serve different purposes. Data storage location is discussed.
Continue reading "Business Record Retention in Canada | Data Storage Considerations"
Learn how to register your small business for PST in BC, Canada, with my step-by-step instructions.
Continue reading "How to Register for PST in BC | A Guide for Small Business Owners"
Get ready to register for GST HST in Canada easily with step-by-step instructions to walk you through the process. Learn when voluntary registration might be...
Continue reading "How to Register for GST HST in Canada | Step-by-Step Instructions"
Basic small business tax primer focusing on three aspects of Canadian income tax compliance - (1) self-employed tax, (2) CCPC tax, (3) employee personal tax.
Continue reading "Basic Canadian Income Tax Compliance | Index"
Knowing how sole proprietors are taxed provides motivation to have audit ready books. You're in a high risk group for getting audited. Learn about your marginal tax rates as well.
Continue reading "How Are Sole Proprietors Taxed In Canada | Marginal Tax Rate Explained"
Overview and history of sales tax rates in Canadian provinces and territories includes GST HST PST QST. Explores 3 GST/HST reporting options.
Continue reading "Canadian Sales Tax Rates | GST HST Reporting Options"
Small business bookkeeping is an age old system designed to keep financial records in an organized way. Technology has made it easier than ever to learn.
Continue reading "Small Business Bookkeeping | Basic Bookkeeping"
What are input tax credits? How do you qualify to claim ITCs for your business? How do you claim your ITCs? Which calculation method should you use?
Continue reading "Understanding Input Tax Credits | Canadian Sales Tax"
Find out what is capital cost allowance and why you may not want to make a full CCA claim on your tax return every year. Learn more ...
Continue reading "What is Capital Cost Allowance (CCA)? | Common CCA Rates"
The impact of the Taxpayer Bill of Rights on small businesses levels the playing field; allows small business to understand their obligations, defend their ...
Continue reading "Taxpayer Bill of Rights | Insight into Small Business Rights"
Quarterly prescribed interest rates issued by CRA for overdue & overpaid taxes and taxable benefits. Spousal interest payments are due annually by January 30th.
Continue reading "Canadian Prescribed Interest Rates | Shareholder Loans"
Careful before you cancel your GST HST account as there will be a financial impact. Find out what that is before you close your GST/HST account.
Continue reading "How To Cancel Your GST HST Account | Financial Impact"
Basic information on maintaining the corporate minute book and your annual registration requirements ... also referred to as The Annual Report / Filing.
Continue reading "Maintaining the Corporate Minute Book | The Annual Filing"
Home based business and taxes Q&A ... some frequently asked questions and answers for the work from home (WFH) business owner who does their own bookkeeping...
Continue reading "Canadian Home Based Business and Taxes | Questions and Answers"
Should employees have a company owned vehicle? What are the compliance implications for the employer? What are the personal tax implications for the employee?
Continue reading "Company Owned Vehicles | Canadian Taxable Benefits"
CRA's simplified method for non-business travel can be used for trips relating to medical expenses, moving expenses, and the northern residents deduction.
Continue reading "CRA Non-Business Travel Rates for Canadians"
The home office expense deduction has strict criteria that must be met to claim the self-employed work space expenses on your T1 return. Find out if you qualify.
Continue reading "Home Office Expense Deduction | Self-Employed in Canada"
A quick guide to understanding your investment tax slips. What's the difference between a T3 and T5 slip? A T5 and T5008? Who declares a dividend before payout?
Continue reading "Understanding Your Investment Tax Slips | T3 T5 T5008"
Can CRA Forms Be Electronically Signed? It is the taxpayer's choice to sign traditionally or electronically. Accepted forms are T183, T21...
Continue reading "Can CRA Forms Be Electronically Signed | Form T183"
Learn how to pay employees with cash properly to protect your business while accommodating the employee. CRA has a strict definition of casual employment.
Continue reading "How To Pay Employees With Cash | Casual Employment"
Dealing in cash thrives in the underground economy. Here's what to do when your customer wants to do "cash under the table". Legal tax planning tools are dis...
Continue reading "CRA and the Underground Economy | Cash Under The Table"
Business vehicle expenses for self-employed sole proprietors are claimed on tax form T2125. If you use your personal vehicle for business, let's see how ...
Continue reading "How To Write-off Business Vehicle Expenses | Self Employed in Canada"
Common questions about T4 slip boxes 24 & 26. What an employee can do if they don't receive their slip on time. A tip for BEFORE you prepare your T4 slips.
Continue reading "T4 Slip Boxes 24 and 26 | Difference Between Paid vs Earned Income"
The Canada Revenue Agency (CRA) requires meticulous tracking of mileage for the purpose of business deductions. Here are 7 key mileage log requirements.
Continue reading "7 Key CRA Mileage Log Requirements | Don't Lose Your Tax Deduction"
When is an auto allowance a taxable benefit and when is it tax exempt? Are there other vehicle deduction limits I need to be aware of?
Continue reading "Is an Auto Allowance a Taxable Benefit? Tax Exempt? "
What is CRA's position on cell phones and internet services required by sole proprietors to earn business income? Required by employees to perform work duties?
Continue reading "Cell Phones and CRA | Internet Services and CRA"
A CRA audit trail provides protection in the event of a tax audit. It can also protect your business against fraud or a dispute ...
Continue reading "What is a CRA Audit Trail | Why You Want One"
A line-by-line review of T1 Schedule T2125 self employed tax deductions. Don't miss these tax savings opportunities for a sole proprietor.
Continue reading "Self Employed Tax Deductions | Canadian Sole Proprietor"
Avoid these 8 common tax mistakes that are scrutinized by Canada Revenue Agency auditors because they have limitations and are not fully deductible.
Continue reading "8 Common Tax Mistakes Self Employed Business Owners Make"
Save yourself a lot of grief and don't claim these 13 non-deductible business expenses. Understand not every business expense is tax deductible.
Continue reading "13 Non-Deductible Business Expenses For The Self-Employed"
Tax compliance filing deadlines for small business owners - GST HST returns, payroll remittances, income tax returns and instalment payments, subcontractors
Continue reading "Tax Compliance for Small Business | Canadian Filing Deadlines"
What are CRA subcontracting reporting requirements? Do you use slip T5018 or slip T4A? T1 line 10400 vs line 13500? Where do you code subcontractors expenses?
Continue reading "CRA Subcontracting Reporting Requirements | T5018 vs T4A"
As of May 1, 2010, place of supply rules are based on customer location instead of supplier location. This means ...
Continue reading "Place of Supply Rules | Canadian Sales Tax"
What are CRA GST invoicing requirements for a legitimate business receipt? What documents are not considered receipts.
Continue reading "CRA GST Invoicing Requirements | CRA HST Invoicing Requirements"
The CRA requires regular reporting and remitting of source deductions withheld from employee pay cheques. Find your payroll tax filing deadlines here.
Continue reading "Payroll Tax Filing Deadlines | Canadian Bookkeeping"
T4A information slips preparation and reporting requirements for Canadian subcontractors. Check out what to do before you hire a subcontractor.
Continue reading "T4A Information Slips | Subcontractor Reporting Requirements"
Information about GST HST in Canada and tips like the special 90% rule or how to calculate sales tax included in a purchase amount or ...
Continue reading "GST HST in Canada | Canadian Sales Tax Guide"
A Canadian payroll tax guide to walk you through your compliance responsibilities including the process for hiring an employee.
Continue reading "Canadian Payroll Tax Guide | CRA Employment Status Tests"
Reduce your fear of tax audits in Canada by understanding the process. It's your responsibility whether your return was prepared by a professional or not.
Continue reading "Understanding Tax Audits in Canada | Amending a Tax Return"