Canada’s accumulated deficit with all the COVID-19 related emergency spending programs will most likely top a trillion dollars for fiscal year 2020-21, up from $685.5 billion last year, according to government estimates. Many of those programs were, and if still available, continue to be extremely useful in providing a financial buffer for hard-hit companies and … Read more
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 below on what to look for when you receive your NOA, common discrepancies between your NOA and tax return and how to handle them. What is an NOA? The NOA is … Read more
The sharing economy is a kind of shadow economy, where private individuals share products or services, either for free or at a cost. Sharing economy arrangements are typically conducted online, through a community-based website. The sharing economy is hardly new. For thousands of years people have shared their assets, but the internet has taken it … Read more
More small and medium businesses are being audited these days. Canada Revenue Agency (CRA) has ramped up audits of small- to medium-sized enterprises. Audits are nothing to fear if you comply with tax rules and regulations. Knowing how CRA selects taxpayers for audit, as well as what to expect during an audit, could make you … Read more
How Tax Professionals Can Help with CRA Representation and Audit Support Preparing taxes can be stressful at the best of times but dealing with the Canada Revenue Agency (CRA) and getting audited takes it to an entirely different level. If you’re a small business owner, independent contractor, or farm operator, and you’ve been incorrectly assessed … Read more
Top Myths about Canadian Small Business Tax Audits Filing taxes can be taxing, even for small business owners who love numbers. That’s because Canada’s tax laws are always in a state of flux and changing from year-to-year. A lot of small business owners are afraid that making a mistake on their taxes could lead to … Read more
Hiring a Tax Consultant for Your Small Business Hiring a professional tax consultant for your small business is a strategic move that could save your business a lot of money in the long run. A small business tax consultant is important to your business’ bottom line because they are there for the entire annual business … Read more
What a Tax Professional Can Do for Your Family Business Family businesses, big or small, are the backbone of the Canadian economy. In fact, approximately 80% of all businesses in Canada are family-owned. On top of that, family-owned businesses are responsible for the majority of the country’s gross domestic product (GDP). What are some of … Read more
5 Risk Factors That Can Cause a CRA Audit The 2016 tax season may officially be over and your tax refund may already have been deposited into the bank, but the Canada Revenue Agency (CRA) is only just getting started. If you happen to be one of the millions of Canadians who filed their taxes … Read more