If you watch shows like Dragon’s Den and Shark Tank, then you will agree that those guys can be brutally honest when somebody comes in with a plan or a project that really needs to be shelved. Despite this, using their approach can often help you in tough times.
The best way to learn how to build your business is to talk to people in business. Entrepreneurs tend to be too close to their project and definitely emotionally attached. If your business is starting to fail, the odds are you don’t recognize it or you simply don’t want to… Continue reading
A specialty audit would be a specific audit. There are a few different types but to give you an example from a few years ago, Revenue Canada decided they would audit all hair stylists. Whether or not you filed correctly or incorrectly, they decided that they felt there was a risk that hair stylists weren’t filing their taxes correctly.
Specific Transactions & Audits
Another type of specialty audit… Continue reading
Have you been audited recently and have a hefty tax bill to pay? Or maybe you didn’t put enough money aside to pay your year end taxes. Either way, many people wonder how much room there is with Revenue Canada (CRA) to negotiate a payment plan.
If you do not have all the money available to pay your tax bill here’s what to do:
- Wait for your notice of assessment to arrive in the mail
- The minute you receive your notice of… Continue reading
If Revenue Canada (CRA) has decided to audit you, you should definitely be using your advisory team. If you are not experienced with accounting, you should not be going it alone. I’m not a contractor so I don’t go and build my own house, if you know what I mean.
Don’t fight your own battle when it comes to taxes and audits but there are some things to consider when making the right judgment. Sometimes the numbers don’t make sense to hire a tax… Continue reading
As a local Kelowna accountant, tax advisor as well as a business advisor, I have the unfortunate duty of telling clients that they owe money to the government. If you’re self-employed, you need to take a few extra steps than an employee has to in order to ensure that your taxes are paid and, as we all know, it doesn’t come deducted off your “paychecks” bi-weekly.
1. Setup A Savings Account for Taxes
My first suggestion to any business owner on this topic is to setup a tax savings account for themselves and the business at their bank. This… Continue reading
If the CRA is assessing an older year of yours that is closely approaching the end of the assessment term, you may receive a request to surrender your right to the Statute of Limitations if you need some additional time to provide CRA with all of their requests for information.
If you don’t sign it, that means Revenue Canada has to act quickly to assess it, otherwise they run into the Statute of Limitations. If you sign it, you are giving up your right to using the Statute of Limitations as a reason why their assessment might be wrong in… Continue reading
When the time comes that Revenue Canada wants to conduct an audit on your business, you want to make sure you have all your ducks in a row. It can be a daunting task for your business but it can run smooth, as long as you have kept a decent paper trail and understand what type of audit is being conducted on your business.
Revenue Canada can request additional information and audit you up to 3 years after any claim is filed and you have 30 days… Continue reading
As a Kelowna accountant, I meet with a lot of entrepreneurs that have a home office and they want to know how much of it they can write off at tax time. This is not a question with a cut and dry, cookie cutter answer. It is very dependent on exactly what your business is doing that requires your home.
Is This Your Main Office?
The first thing I always establish with my clients is to ensure that their home office is indeed their primary and only office. On the other hand, if you’re like me, I have an… Continue reading
Do you feel like you should be saving more on your taxes? Maybe you’ve heard about tax loopholes before but you’re wondering why you haven’t been able to take advantage of any yet. Choosing the right Kelowna accountant can be tricky since you want to find someone who is qualified, but also understands your business strategy.
Here’s a list of 5 important questions you should ask your Kelowna accountant.
1. How will your practice help me develop my business?
You will see the most gains when you have an… Continue reading