Aug
10

Small Business Statistics Part 2: Highlights

Here are a few more key statistics on small businesses in Canada:Small businesses shed about 140,000 jobs in 2009 or about 40 percent of all jobs lost in the private sector.  However, small businesses accounted for 37 percent of all jobs created, on average, in the private sector from 1999 to 2009.On average, small business employees earned around $723 per week in 2009, less than the overall average of $799.Small businesses account for over two thirds of employment in five industry categories:  non-institutional health care, construction, accommodation and food, forestry and other services.About 16 percent of all employed workers in the...
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Aug
08

Small Business Statistics Part 1: Introduction

This is the first part of a series on Small Business Statistics taken from the “Key Small Business Statistics,” a semi-annual publication that provides information on the small business sector in Canada.  This blogs series will provide you with a summary of this publication. Let’s start with the definition of “small business.”  Industry Canada defines a small business as a firm with fewer than 100 employees.  However, there are also many ways the size of a business can be defined – annual sales, net revenues or size of assets. “Many institutions define small businesses according to their own needs – the...
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Aug
05

The CRA Review

More and more taxpayers are opting to file their income tax and benefit returns online using NETFILE or EFILE.  These filing methods do not require you to send in your receipts and information slips with your returns.   However, as mentioned on the previous blog, it is important that you keep records to support your declared income and claimed benefits in case you are selected for a review by the CRA. The CRA does several reviews to ensure that income, deductions and credits are accurately reported and filed.  There are 4 main review programs:Pre-assessment Review Program.  The CRA electronically analyzes returns to identify situations...
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Aug
03

Tax Tip: Keeping your income tax records

Canada Revenue Agency recently came out with an announcement reminding Canadians who filed their income tax and benefit return electronically or who have not enclosed their information slips and receipts with their paper-filed return to keep their tax and benefit records on hand in case they are contacted by the CRA. Generally, you should keep your receipts and documentation to support your return for six years in case you are selected for review.  This review is done by the CRA to verify your reported income as well as credits and deductions you claimed and is an important method used by the CRA...
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