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Start by organizing all your financial records immediately to ensure you have a clear overview of your income and expenses. Keep track of…

Failing to meet tax filing deadlines leads to late submission penalties and interest charges that can significantly impact your business’s…

Accurately claiming business expenses on your Canadian tax return can significantly reduce your taxable income, but only if you understand…

If your company invests in research and development, claiming the Scientific Research and Experimental Development (SR&ED) tax credit can…

Ensure that you accurately record the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) collected from clients to maintain…

Always record CRA payments as reductions in liabilities rather than income. This ensures your financial statements accurately reflect what…

Track all vehicle-related expenses meticulously to maximize your tax deductions. Use clearly categorized records for fuel, maintenance,…

Start by reviewing your company’s payroll records thoroughly, ensuring all employee hours, wages, and deductions are accurately…

Ensure your bookkeeping is accurate by regularly reconciling your accounts. Failing to match your bank statements with your records can lead…

Maintaining accurate financial records is a mandatory obligation for all small enterprises operating in Canada. The Canada Revenue Agency…