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Every year, the CRA conducts reviews aimed to ensure compliance with the laws among taxpayers. These reviews were designed to promote taxpayer education by identifying common areas of misunderstanding. Based on these reviews, the CRA makes adjustments to the tax returns. Here are some common adjustments made by the CRA: No reply received. The CRA often ask for information from the taxpayer. If the CRA does not receive the requested information within the timeframe indicated on the letter, the claim may be denied or modified. Incomplete information slips. If your return is selected for review, all requested receipts and supporting documents...
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Technology and the internet continue to affect us in every way possible nowadays, even the way we buy our needs and the way we do our commercial transactions. And as technology becomes even more advanced, it seems everyone wants to join in to get a piece of the e-business pie. If you are one of those people – maybe planning to sell an e-book, etc – here are some basic information that you need to know before starting your very own e-business.   So what constitutes an e-business? E-business is any commercial transaction conducted over networks linking electronic devices (mainly computers)....
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If you are planning to set up a daycare business in your home, there are a few key points that you need to be aware of to help you comply with your tax and reporting obligations. On reporting your income: You must report your income from daycare as business income on your income tax return including your gross income and net income. On expenses: You may be able to deduct business expenses from the income your report on your income tax return. It is important to know what is considered as a business expense. A business expense is a certain cost...
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Ok, I know this is a little late, but who has time to vent when they actually have work to do? Not just work. I have been busier than a one-legged man at the proverbial butt kicking contest. “Right, personal taxes”. Why does everyone out there think that if you DON’T get a refund your accountant messed up? Why does everyone think that a tax refund is free money? Ok, sometimes if you don’t get a refund your accountant did screw up, but most of the time that is NOT the case. I am going to share some tidbits now for...
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