fbpx
(647) 795-5462 | We offer tax, accounting & business consulting services in US, Canada and UAE | info@finnection.ca
Effect of TCC Ruling on your Restaurant!

Effect of TCC Ruling on your Restaurant!

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...
For Year-End, Is Your Business Ready?

For Year-End, Is Your Business Ready?

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...
Tax on Split Income (TOSI) Rules

Tax on Split Income (TOSI) Rules

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...
Net Worth (Lifestyle) Audits

Net Worth (Lifestyle) Audits

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...
Why it is necessary for small businesses to hire bookkeeping services?

Why it is necessary for small businesses to hire bookkeeping services?

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....
Tips for Small Business (Taxable vs. Non-taxable Benefits)

Tips for Small Business (Taxable vs. Non-taxable Benefits)

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...
Need Help?