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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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There are 3 basic types of business records: Income records, Expense records and Property records. Income records:  Income records keep track of the gross income your business earns. Gross income is your total income before you deduct any expenses including those associated with goods sold.  Your income records must show the following information with regards to your income: -      Amount and date received -      Source of the income It is also important that you record the income whether it was received as cash, property or services.  Original documents must support all income entries.  These documents include sales invoices, cash register tapes,...
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As a business owner, you have to be aware of the many important dates that apply to your business activities such as when to file income returns, when to file information returns and make payments, including installment accounts.  On this blog, we’ll take a look at the important dates that you have to know with regards to making payments.  Please note that if the due date for making a payment falls on a Saturday, a Sunday, or a public holiday, the CRA will consider the payment to be made on time if it is received on the next open business day....
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