The tax season arrives in Canada, you'll see that many people rush to complete their taxes at the last minute or hire a professional, such as an accountant, to do it for them. Most of the time, what you might think qualifies you for a tax deduction only qualifies you...

Understanding the tipping regulations that apply to the hospitality sector and how tipping may affect your business' books for accounting and tax filing purposes is essential if you own or operate a restaurant. In Canada, it is illegal for a company's owner or manager...

For a small business, the end of the year might be one of the busiest times as they try to organize their accounting issues. You need to finish several small and large activities to ensure that your company is prepared for a new beginning in the coming year. The...

Nobody wants to pay more taxes than needed, so many Canadian taxpayers may decide to use a technique known as "Income Splitting" to lessen part of their tax obligations. Many small business owners forget to add their spouses and children as shareholders when...

The Canada Revenue Agency (CRA) uses the Net Worth Audit (sometimes called a Net Worth Assessment) as an income verification technique to track changes in a taxpayer's wealth over the audit period. The first step of the net worth audit is to examine the taxpayer's...

Bookkeeping is an important part of any business, but it can easily be set aside for more pressing priorities. The core operations of a small business, such as production, sales and marketing, and customer relationship management, are always carried out by employees....

Taxable Benefits will be one of the first thing the CRA auditor examines if your company is ever subject to a payroll audit. Unfortunately, most small business owners either fail to disclose these types of earnings or report them erroneously due to the complexity of...

Monetary administration is one of the most important tasks in any company. It is a task that must be done carefully and properly. More recently, there has been a trend to allow small and medium enterprises (SMEs) to compete less disadvantageously with large...