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.
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?
Does the thought of organizing your receipts fill you with dread? We get it. It can seem overwhelming to keep track of your receipts on top of the busy demands of running your own business. But putting in the work now means you’ll save time when it comes to filing your taxes.