Tax season is mid-way and I thought about sharing some great tips that are important to know. I keep touching on the same areas that I know are not taken care properly. Everyone is more interested in tax deductions and what can they claim. Most forget or are not aware of the other crucial factor that is compliance. If your books are not compliant, your claims will be disallowed. I am going to share with you how to keep compliant and organized books to prevent potential problems with CRA. Here are some steps you can follow right away and have peace of mind.Details
Tax season is right in the corner. Are you ready to file your taxes on time? Or are you a few years behind? Have you received letters from CRA demanding you to bring your taxes up to date? If so, what are you doing to clean up your books?Details
It is that time of the year again where some of you may be wondering how much should I put on my RRSP? The answer will depend on which tax bracket you are in.
Sadly, I have had some individuals come to me at tax time with their RRSP contribution but no taxable income*. Is that common? Yes, it is. It happens more often than you think.Details
I hear every now and then from business owners, who were told by someone else, they just need to keep the bank statements and credit card statements as form of documentation to prove the expenses claimed.
I am not sure who is providing this advice which is a bad one. If you do not have proof of purchase and proof of payment, what you claimed as expense will be added to your bottom line if you are audited.Details
It is important to keep your obligations taken care on a timely manner. If you do not have an assistant, you will need a system to keep things in order. Today, there are many apps that can help you deal with many demands that life brings on a daily basis. I am sharing with you a primitive system I use to deal with my own bookkeeping and it works for me.Details
Today I am going to talk about credit card account and paying bills. I have mentioned a few times about assigning a credit card for business transactions only. Real Estate investors have an extra step to take because it will all depend on how many properties they have.Details
It is that time again…it’s Tax Season…Are you ready? Some of you may have it all organized and some may not even know where to start. Many clients have already started booking their appointments to get their documents organized and their filing prepared, so I decided that I would share some tips on how I…Details
If you almost have a heart attack when you file your taxes and find out you have a balance owing, you can send installments to CRA. If you file annually and usually have tax amount owing or do not manage cash flow well, you can send installments for HST, Corporation Taxes, and Personal Taxes on…Details