Last updated: Aug. 14, 2013
Avoiding your bookkeeping until tax season is like staying up all night to cram for a test the next day.
Either way, you’re very likely to fail, and in the case of neglected bookkeeping, that could mean missing out on tax credits or deductions.
It could also mean fees and penalties from CRA from a reassessment or lost time dealing with an audit.
In any tax assessment, CRA is right and you are wrong – unless your records and bookkeeping prove otherwise.
Effective year-round tax planning includes staying on top of your bookkeeping.
By tackling your bookkeeping on a regular basis, you’re able to stop missing legitimate tax deductions, avoid triggering a messy CRA audit, and gain a clearer picture of your company’s financial health.