Why Would CRA Ever Audit Me?

I am often asked the question: what reason would CRA ever have to audit me? This is my opinion but it could vary in many ways: If you owe them money. Did you forget to pay … Read more

Rewards, Gifts and Bonuses Have Tax Implications

It’s nearing the end of the year… I know, where does the time go? I have no idea where summer went! Often business owners like to give bonus gifts, rewards and so on at Christmas … Read more

Are You Unknowingly Part Of The Underground Economy?

“Can’t I just pay my employees with cash?” We still hear some version of this question now and then. Moonlighting or “working under the table” is the basis for the underground economy in Canada. According … Read more

Should I Buy or Should I Lease My Next Vehicle?

As a business owner, I have debated this question many times over the years. I have both leased and purchased, and I like to get a new vehicle every 3 or 4 years… whether I … Read more

Meals vs. Food as Business Expenses

When you’re just getting started in business, you may not know how the CRA feels about meal expenses. Here’s an excerpt from the CRA’s website under business expenses: The maximum amount you can claim for … Read more

File HST Returns Even for Zero Sales

After you register for an HST number when setting up your business, you are required by law to send in your remittances even if you have zero sales. When you start a business, unless you … Read more

Just Because You Know How to Do Your Own Bookkeeping…

Are you still insisting that you do your own bookkeeping because you know how? It is imperative that you maintain a current set of books. Canada Revenue Agency can audit you at any time with … Read more

Are You in Danger of Missing Your Business Income Tax Deadline?

Do you know when you are required to file income tax returns for your business with the Canada Revenue Agency (CRA)? The following is a guideline to use to make sure you file in time … Read more