As mentioned in our previous blog, as the economy has not been healthy for the past years, it is extremely important for all Canadians to be able to manage their finances properly and save money wherever they can. And one of the areas you can save money on is banking. Most of us pay a monthly fee to the banks for maintaining a chequing or savings account with them. Here are some ways to save money on your banking fees: 6. Negotiate. If you have been a great client for many years, many banks may be able to waive or lower...
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Things have not been looking up for the economy during the past years. So it is important for every individual to be able to budget their finances properly and save money wherever possible. And one of the things that many Canadians can save on are the banking fees – monthly fees that the banks charge for maintaining a chequing or savings account. Here are some ways to save money on your banking fees: 1. Consider switching financial institutions. If you are feeling the pinch of having to shell out that monthly banking fee (for a BMO chequing account under the PLUS...
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As we mentioned in part 1 of our blogs series on Motor Vehicle Expenses, the CRA may soon be randomly targeting business owners who have claimed their motor vehicle expenses in previous tax years. To be able to prepare you for a possible tax review or audit in relation to your claimed vehicle expenses, here are more important things you will need to remember to ensure a smooth and quick review / audit process:1. If you use more than one motor vehicle for your business, keep a separate record for each vehicle that shows the total and business kilometers you drive,...
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At KD, we stay on top of what the CRA is up to so that we can be prepared and inform our clients about changes and things they need to be aware of. Recently, we found out that the CRA’s next target for their reviews and audits are the business owners who have made motor vehicle expense claims in previous tax years. We, at KD, want to remind all of the you who are business owners that you should always be doing the right things for your vehicle expenses such as keeping an accurate logbook for your vehicle expenses and creating...
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