The tax filing season has come and gone and now is the perfect time to start your tax planning.  If you are one of the many Canadians who think have paid too much tax, then it is time to focus on saving tax which will put more cash flow into your business and your own pocket. And the first step to saving tax is Tax Planning! To help you take that first step, let us revisit the basics of tax planning. 1.    If you fail to plan, you are planning to fail! Planning is a MUST to business and personal success. ...
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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 are required by law to keep records of all your transactions to support your income and expenses. Your business records must be reliable and complete, include the information needed to meet your tax obligations and calculate your credits, be supported by documents, be kept in English, French or a combination of these two languages.  According to the law, you are responsible, as a business owner for: -      Protecting your records; -      Making your records and supporting documents available to the CRA when requested; -      Making sure that you, your employees or your third party record keeper...
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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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