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Jul
08

What if you haven’t filed your tax yet?

It’s been more than 2 months since the deadline to file your 2010 tax returns with the CRA and it seems that there are still a lot of people who have not filed. If you have not filed your tax return yet, please do so as soon as possible especially if you have a balance owing. Here are a few details on the interest charges you might have to pay if you have not filed your returns until now. Interest:  If you owe an amount to the CRA in 2010, the CRA will charge you a compound daily interest starting May 1st,...
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Jul
07

Business Basics: What records do I need to keep?

If you are carrying on a business of any size, be it a sole proprietorship or a large corporation, you must keep record of all documents that provide the ability to calculate payable taxes. Your records must be supported by “source documents” in order to corroborate the amounts in these records, often known as “books.” Source documents may include things such as sales invoices, receipts for purchases, deposit slips, cheques and contracts. A recent article by TaxTips does a great job of outlining some of the must-knows regarding business financial records, so we decided to summarize their article for you on...
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Jul
06

What you need to know about AUDITS part 2

If you are in the process of being audited, it is important to know what actually happens in an audit. Here is a brief summary of the steps involved in an audit.Where & What:  If you don’t have an authorized representative, the audit is generally done in your office or premises.  There are also some cases when the auditor will just borrow your books and records.  In this case, make sure you get a detailed receipt for the borrowed documents and that you have copies of everything borrowed. But if you have an authorized representative like KD, many times, the audit...
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Jul
04

What you need to know about AUDITS part 1

It is important to know, first and foremost, why the Canada Revenue Agency conducts audits.  The CRA regularly conducts selective audits of tax returns and claims for rebates for the purpose of ensuring the fairness and integrity of the self-assessment tax system.  In other words, the CRA wants to make sure that you, the taxpayer, have met all your tax obligations – properly filled out tax returns, paid taxes and received your benefits. The Audit Process: The audit will begin with the auditor providing general information such as: scope of the audit, tax years covered, duration of the audit process and the...
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