Tax Accounting

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What Happens if I Keep Incomplete Tax Records?

July 25, 2013 by

As a tax accounting firm in Toronto, we’ve seen all levels of tax record-keeping from our clients—to the very diligent, to the wildly incomplete. You want to keep your tax records as organized and accessible as possible. Having this information at your finger tips is essential to properly gauging how your company is performing or
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How Long Do I Have to keep my Business Tax Records for the CRA

July 22, 2013 by

It’s a simple question, but one you’ve probably heard different answers for. As a business owner, how long do you have to keep your tax records? Is there a statute of limitation of how far back they can go to audit you? Well, here’s the answer, straight from the source. According to the Canada Revenue
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WSIB Expands Compulsory Coverage in Construction Industry

July 16, 2013 by

On January 1, 2013, the Workplace Safety and Insurance Board (WSIB) extended compulsory coverage. It’s now extended to independent operators, sole proprietors, partners and executive officers in the construction industry (with certain exceptions) under the Workplace Safety and Insurance Act, 1997 (WSIA). Who is exempt from WSIB extended compulsory coverage? Home Renovation Workers If workers
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Can I Use a Flat Rate For Business Mileage?

July 10, 2013 by

It’s the plight of nearly everyone who uses their car for business: What to do tax accounting time. Toronto is full of people who commute from out of the city and rack up a lot of KMs along the way. Many wonder if they can use a flat rate for business mileage, or if they
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Your Business and the Contract Payment Reporting System

June 19, 2013 by

The Contract Payment Reporting System (CPRS) requires construction companies to record their payments for construction services and to report these payments to the Canada Revenue Agency. If the subcontractor is a resident of Canada, payment information is provided on a Contract Payment Information Return, which consists of a T5018 Information Slip, Statement of Contract Payments
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Why am I being audited? Personal Tax Audit Triggers

June 13, 2013 by

Approximately 85% of personal tax returns are filed electronically.  Canada Revenue Agency processes these returns fairly quickly and many people have received their refunds.  However, the process doesn’t end there. Canada Revenue Agency may revisit your return in July and request further information. Since a majority of the personal tax returns are filed electronically, no
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Is Accounting Software Right for My Business?

June 12, 2013 by

Is accounting software the panacea it’s supposed to be? Good question. Having spent a career spanning some forty years as a “bean counter,” I still frequently get asked to explain and demystify double-entry bookkeeping— even in this current age of highly sophisticated software and technology. There are “those” who would have us believe that modern
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Income Tax When Emigrating from Canada

June 5, 2013 by

Leaving Canada to live or work abroad? Here is some important information about the reporting requirements for income tax when emigrating from Canada. Determining Your Residency For Tax Purposes Residency status is the primary issue that needs to be established before determining your tax liability to Canada. It’s often very difficult or complex to determine
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The Tax Effects of Corporate Reorganizations

May 31, 2013 by

Corporate restructuring always trigger a domino effect that can be felt in every aspect and every division of your company. The tax consequences can seem daunting, but they can also be deferred or possibly avoided with an appropriate planning strategy. H2: Here are the most common types of corporate reorganizations and their consequences/ requirements:        
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