Luxury Tax on Vehicles: Bookkeeping in Canada
Luxury tax bookkeeping starts with one number: $100,000. A car, SUV or light truck priced above that carries federal luxury tax, which is the…
Claimed Incorrect Business Deductions? How to Fix Them
If you’ve claimed incorrect business deductions, fix the return as soon as you find the mistake. You can change a filed return online…
Fixing Inventory Discrepancies in Canadian Books
When the shelf count and the books disagree, don’t fix the books first. Find out why the numbers differ, because inventory discrepancies…
Restating Financial Statements in Canada: Tax Effects
Restating financial statements in Canada is an accounting job first and a tax job second. If your corporation’s numbers change, you ask…
Reconciliation Discrepancies: How to Find and Fix Them
Reconciliation discrepancies, meaning gaps between your books and your bank statement, almost always have a simple cause, and the fastest way…
Accounting for Intellectual Property in Canada
Accounting for intellectual property in Canada means keeping two sets of rules apart. For tax, a patent or licence with a limited life goes in…
Unclaimed GST/HST Input Tax Credits: How to Recover Them
Unclaimed input tax credits can usually still be claimed. If you’re a GST/HST registrant and missed an ITC on an earlier return, the CRA…
How to Correct Accounting Errors From a Past Year
To correct accounting errors from a previous period in Canada, you fix the books first and then change whichever filed return the error…
Subscription Revenue Accounting for Canadian Businesses
Subscription revenue accounting starts with one rule: a subscription paid up front isn’t revenue the day the money lands. You book the…
How to Address Payroll Tax Errors as an Employer
Payroll tax errors usually get fixed in the next pay run, not in a scramble. If you took too much CPP or EI off an employee, the CRA credits…