by Asam Afzal | Feb 23, 2023 | Uncategorized
Fixed assets, also known as tangible, long-lived or long-term assets, are properties that a business invests in that provide it with economic benefits over a long period of time. They are often assets that help the business improve its productivity, quality, revenue,...
by Asam Afzal | Feb 8, 2023 | Uncategorized
According to the CRA’s web pages on audits (there’s one for individuals and one for businesses), “The CRA’s risk-assessment systems identify tax returns that are considered to be at high risk for non-compliance.” In other words, the likelihood of tax reporting...
by TheStory4143 | Jan 19, 2023 | Uncategorized
It happens all the time to individuals and business owners when filing their taxes. There are so many fields and boxes to fill out and so many different locations that require you to enter information that it’s too easy to enter it on the wrong line or to forget to...
by TheStory4143 | Jan 5, 2023 | Uncategorized
How Far Back can CRA Audit? The CRA is limited in how far back they can look at someone’s returns – in most cases. Normally, a CRA waudit the two or three most recent tax years. If the CRA finds significant discrepancies in their tax audits they have...
by TheStory4143 | Apr 12, 2021 | Uncategorized
We all make mistakes, but making one on your annual tax return can be costly and can lead to you paying extra penalties or even facing prosecution. It could be something as innocent as a calculation error on your tax form or deducting personal expenses from your...
by TheStory4143 | Jul 30, 2020 | Uncategorized
Canada’s income tax system is a self-reporting and self-assessing system. This is different than the tax systems of other countries where the government assesses the taxpayer and financial intermediaries, and other payors report the various income amounts to the...
