Avoiding CRA’s Tax Audit To answer this question, we need to know who get audited by CRA. CRA never publish their methodology however following is from Rajasri’s experience. CRA has the wealth of information from taxpayers and they use this information to create expected industry average that can be compared to your tax filling. This … Continue reading Do You Want to Avoid a Tax Audit by CRA?
Identifying and Correcting GST/HST Errors This is written specifically for small businesses that have annual sales under $5 million. In the past, CRA conducted combined audit that covers both income tax and GST/HST. Combined audits have now been discontinued. Currently, businesses will either be subject to an income tax or GST/HST audit. My years of … Continue reading Are You Ready For GST/HST Audit Before CRA’s Visit?
Small Business Accounting Is it a good idea for a Small Business to outsource bookkeeping and accounting services to a Chartered Professional Accountant who provides monthly Bookkeeping services? With user-friendly software such as QuickBooks, many business owners feel that they should be able to do all their accounting on their own, even though they struggle … Continue reading Should Small Business Outsource Bookkeeping and Accounting?
An Overview of CRA’s Informant Leads Program The Informant Leads Program coordinates information provided by the public to assist the CRA in identifying taxpayers who are violating tax laws. There is a section for domestic tax evasion and a special division that employs around 70 employees who will crack down on international tax evasion and aggressive … Continue reading Informant Leads Program by CRA
How to Report to CRA when Selling Residence With a record-setting volume of house sales, many home owners are smiling. Many real estate speculators claim the house as their principle residence and make a lot of money tax free. Up until now, you did not have to report the sale of your home on your … Continue reading Change of Reporting to CRA – Sale of your Principal Residence
How to Make a Robust Business Plan Developing a sound business plan is one of the best ways to ensure the success of any new business, explains Rajasri CPA in Toronto. Many new business owners think a business plan is necessary only if they are trying to secure financing, but all start-ups should begin with … Continue reading Why Developing a Strong Business Plan is So Vital