What is Bookkeeping?
Good bookkeeping can help you make the appropriate decisions to grow your business, and, when the time comes, your bookkeeping records and will also help you sell your business or attract new business partners.
Archived News
Common CRA Audit Triggers
While the 2012 Federal Budget announced cuts to the Federal Public service, the Canada Revenue Agency (CRA) is not cutting their audit staff. This is to continue to track down and plug leaks in the tax-collection system. Electronic tax filing is becoming increasingly popular. The CRA also uses tremendously sophisticated computer systems to track variations … Read more
CRA Auditors Focus on Business Using Income Tools
CRA Auditors Focus on Small and Medium Businesses Using Indirect Verification of Income Tool.
Farmers Benefit from Cash Accounting
Farming businesses have special status under certain provisions of the Canadian Income Tax Act (ITA). Only farms and fishing operations can use the cash method of accounting for reporting income for income tax purposes. Do you qualify?
Farmers Can Count Timber Sales as a Capital Gain
Under certain circumstances, Canada Revenue Agency (CRA) will class woodlot sales as a capital gain instead of ordinary income. If you sell timber from a wooded area on your property, the proceeds could be taxed as either ordinary income or as a capital gain.
Is Farm Timber – Capital Or Income?
The tax court found in favour of a farm family who claimed the sale of timber from its property was on their capital account and not income dependent on the production from, or use of, the property as CRA had claimed.
Giving To Your Favorite Charity is a Taxable
Everyone knows about the standard charitable tax credit procedure. You save the receipts and then make a credit claim when filing your annual tax return. But there’s a lot more to charitable giving than that.
Documentation Helps Truckers Exceed CRA Expenses
The federal Tax Court found in favour of a truck driver whose meal expenses incurred while driving in the US had been reduced by the Canada Revenue Agency (CRA).
Determining Contractor or Employee Status
Self-employed contractors can claim many more tax deductions than an employee. The CRA watches for employees who improperly call themselves self-employed. The distinction carries tax, legal, EI, and CPP implications for both employer and worker if an employer-employee relationship is found to exist.