How to handle unclaimed HST/GST input tax credits in Canada?
If you have accumulated HST/GST input tax credits that remain unclaimed, it is crucial to handle them correctly to stay compliant with…
How to account for research and development costs in Canada?
Accurate documentation of research and development (R&D) expenses is crucial for compliance with Canadian tax regulations. Start by…
How to correct accounting errors in previous periods in Canada?
If you uncover an error in financial statements from previous years, addressing it promptly and accurately is crucial. Canadian accounting…
How to handle accounting for subscriptions and recurring revenue in Canada?
Prioritize accurate revenue recognition by implementing proper accounting for subscription-based services. Classify revenue according to…
How to address payroll tax errors in Canada?
Start by reviewing your payroll records to identify the specific error, such as incorrect deductions, misclassified employees, or inaccurate…
How to handle accounting system failures in Canada?
Implementing a comprehensive backup and recovery plan prevents data loss during system failures, enabling rapid restoration with minimal…
How to handle missing receipts for business expenses in Canada?
If you lose a business expense receipt in Canada, take immediate action by gathering any supporting documents that can verify your purchase.…
How to address cash flow problems in Canadian businesses?
Prioritize timely invoicing and implement clear payment terms to accelerate cash inflow and reduce overdue accounts. Use automated billing…
What to do if you discover employee financial fraud in Canada?
Immediately initiate a detailed investigation upon discovering signs of financial misconduct. Document all relevant evidence, including…
How to handle duplicate transactions in Canadian bookkeeping?
Implement real-time transaction validation to prevent duplicates from entering your system. Using automated checks, such as matching…