CRA

2013 Organization of Your Business Tax Receipts

I came across a recent article regarding the organization of your business tax receipts, felt is was informative enough that I  thought I would share it with you. It was written by Dene of www.ledgerdocs.com. It is simple enough to misplace your receipts and documents throughout the year, especially when your business is booming. With this said, there can be drastic consequences to misplacing...

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Is CRA Targeting Your Recent Filings?

This is one of the articles that I receive periodically from Ledgers Canada (www.ledgers.com), and I thought it might be informative for Canadian tax filers. In 2010, CRA started a letter campaign with the purpose of educating individuals about their tax obligations and to encourage taxpayers to correct errors or inaccuracies in prior year tax returns. Well, they are back. Beginning in January...

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From a Single or Duo Ownership to Incorporation in QuickBooks

So you started out as a Proprietorship or Partnership and after several years your business has become so successful that your accountant has suggested it’s time to incorporate. This may due to a number of factors, but the amount of income tax you pay as a single entity in comparison to an incorporation, will be a key one. Okay, now what do I do about the company file that I am currently...

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If you are a Sole Proprietor Should you Incorporate?

Although this is a QuickBooks site and having been in the accounting profession since 1988, I also consult with a number of clients that are still in the starting stages of their Canadian company. With most clients of this type, they have set up their business structure as a Proprietorship, which is okay, depending on the type of industry they are in and the amount of before tax net income they...

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QuickBooks Period End Tasks: The Accounting Side – Chpt.2

Continuing on from Chapter One and the QuickBooks Period End Tasks, I will now look at the Prepaid Expenses and Fixed Assets. Prepaid Expenses – this account needs to be reviewed at the end of each fiscal year, due to the fact that these expenses are ever evolving. You may find items like prepaid rent, insurance and deposits, just to name a few, that if not expensed throughout the fiscal...

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