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Fix your Tax Return or Face a CRA Audit

Last updated: May. 27, 2013 
Tax returns that contain errors or omissions, accidental or intentional, are not uncommon. If you catch such an error on your tax return, it might be tempting to ignore it, especially if it’s in your favour. Don’t! Simply hoping that the Canada Revenue Agency (CRA) doesn’t find out is not a … Read more

Travel Tax Deduction Rules For Your Business

Last updated: May. 23, 2013 
As the controversy surrounding certain senators’ expenses swirls in Ottawa, what better to time than now to post a reminder of the rules regarding claiming travel expenses as a tax deduction. For those operating sole proprietorships or partnerships, you can deduct travel expenses you incur to earn business income. Travel expenses … Read more

Creativity Beyond iPads: Apple and Tax Evasion

Last updated: May. 22, 2013 
Apple is renowned worldwide for its creativity. Think iPad. Think iPhone. Think iMac. The list goes on. In fact, Think Different was the company ad slogan in the 90s. Today, however, a different sort of creativity has put Apple in the headlines. Let’s call it creative tax accounting. At the crux … Read more

Ask the Experts: Getting Started with Bookkeeping

Last updated: May. 15, 2013 
In part two of a two-part series, we offer tips on how to get started with your company’s bookkeeping. Previously, in part one, we outlined reasons why bookkeeping is important for your business. So, let’s get going. What do you need to know to get up and running with your company bookkeeping? … Read more

6 Reasons Bookkeeping is Important to your Business

Last updated: May. 13, 2013 
In an earlier blog post we wrote about the importance of getting started early with your tax planning. One of the key aspects of early tax planning you’ll need to consider is your company’s bookkeeping, or record keeping. Bookkeeping refers to the organization and storage of accounting and financial documents such … Read more

International Farm Management Congress in Poland

Last updated: May. 7, 2013 
Win the Trip of a Lifetime Sponsored by FBC! UPDATE: Check out the submissions and vote for your favourites. Clear your calendar for July 21st – August 3rd, 2013. Attend the 19th International Farm Management Congress in Poland this summer, all expenses paid. Produce a 1-minute video demonstrating Canadian Farmers Managing … Read more

Tax Planning for Next Year Begins Today

Last updated: May. 6, 2013 
Whew! The April 30th tax deadline has come and gone and you did it. You filed your 2012 taxes on time. Congratulations! You deserve a pat on the back. OK. Now let’s get back to work. If you’re like many taxpayers, your tax season was chaotic, disorganized, and stressful. How can … Read more

Are you ready for BC’s switch back to PST?

Last updated: May. 5, 2013 
It’s probably not news to you, but the HST in British Columbia, which is a combination of a 5% federal component and a 7% provincial component, will be replaced by the Goods and Services Tax (GST) and a B.C. provincial sales tax (PST) on April 1, 2013, subject to some transitional … Read more

Avoid Tax Evasion Penalties With Planning

Last updated: Apr. 29, 2013 
Canadian taxpayers owe the Canada Revenue Agency (CRA) $29 billion in unpaid taxes according to a recent article in the National Post. The article states that the growth in tax debt in recent years — according to CRA officials — can be attributed to a number of factors, including: An increase in overall … Read more