Every Revenue Canada audit is different but generally my first comment to people is to try not to get too stressedabout it. It’sa process and a part of Revenue Canada’s continuing efforts to ensure the right amount of taxes are paid. They’re not picking on you eventhough most people tend to feel like that is the case.
There could have been a red flag that popped up or a particular reason why it came up on their end, but quite often there is just a lot of random, annual audits.
The first thing that generally happens… Continue reading
Obviously increasing cash flow in your business is extremely important. Without enough cash flow, you’re going to have problems. The businesses that generally run into cash flow issues are those that require significant amounts of inventory. For example, the service industry very rarely tends to have a cash flow problem other than collections.
Come to think of it, let’s talk about collections because that is the first way you can start increasing cash flow.
Are You… Continue reading
The big buzz in BC right now is centered around the HST transitional rules for the tax’s elimination in the province after a short reign. Overwhelming public outcry led to a referendum resulting in favour of cutting the controversial tax and now the real confusion has begun for many businesses.
The HST is a combination of the 5% federal tax and a 7% provincial tax that will be replaced by its predecessors, GST & PST, on April 1, 2013. The changes released by the province will affect home builders and their customers and BDO Canada has addressed this in a… Continue reading