Explaining Audits in Canada: Statute of Limitations
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
Posted in Accounting, Taxes and Finance | 
audit, auditor, BDO Canada, Chartered Accountant, CRA, Kelowna Accountant, Kelowna accountants, Kelowna accounting firm, Kelowna business, Kelowna businesses, Ken Davidson, Revenue Canada, statute of limitations, Strategic business review, tax act | Leave a commentThe Dirty Truth About RRSP Contributions For Business Owners
Kelowna accountant, Ken Davidson, gives advice on RRSP contributions for business owners.
I generally don’t recommend RRSP contributions for business owners because of the restrictions in the investments that can be made within an RRSP and that the minimum amounts that have to be withdrawn in retirement are out of your control. What I recommend for business owners is to have a holding company for their investments and they can hold the exact same investments that they hold in their RRSPs, if that’s what they want to invest in.
The business owners do not have to withdraw cash from… Continue reading
Posted in Accounting, Taxes and Finance | BDO Canada, canadian pension plan, Chartered Accountant, cpp, cpp contributions, david sung, Kelowna Accountant, Kelowna accountants, Kelowna accounting firm, Kelowna business, Kelowna businesses, Ken Davidson, nicola wealth management, no rrsp strategy, rrsp, rrsp contributions for business owners, rrsps for business owners, small business owners, Strategic business review, tax act, tax free dividends, vancouver sun | 1 Comment
Connect with Me
 |
 |
 |
 |