If you’re self-employed and using your vehicle for business use, are you keeping a mileage log? If you’re audited by the Canada Revenue Agency (CRA), and you don’t have one, the CRA could reject your claims for motor vehicle expenses. Avoid CRA scrutiny with our tips and tricks on keeping a mileage log.
When you’re busy with the harvest, or preparing for the upcoming season, taxes are probably the last thing on your mind.
But there are year-end tax planning strategies you can use now to help reduce your tax bill.
One of the most important things you can do for the financial health of your small business is to monitor your cash flow - the amount of money going in and out of the business. Sounds simple, right? But many small business owners find themselves with unexpected shortfalls.
After you file your tax return, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). We provide some tips on what to look for when you receive your NOA, common reasons for discrepancies between your NOA and tax return and how to handle them.
You’re likely familiar with the Registered Retirement Savings Plan (RRSP), which gives Canadians a way to shelter income tax until retirement, but have you considered a Group Retirement Savings Plan for your employees?