Getting CRA to Waive or Cancel Penalties & Interest
Canada Revenue Agency (CRA), under provisions of the Income Tax Act that are usually referred to as “Taxpayer Relief”, has the discretion to waive any or all amount of penalties and interest. The provisions can protect a taxpayer who is unable to meet their tax obligations due to circumstances beyond their control. However, this comes
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Understanding Shareholder Loan Accounts
Understanding Shareholder Loan Accounts As interest rates continue to climb in 2023, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But before you plan to do that, it is important to understand the tax implications related to that. If you’re considering taking out a
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How often should I review my financial statements?
How often should I review my financial statements? As a small business owner, it is important to keep an eye on the company financials and take out time to review your financial statements, such as profit and loss statement, balance sheet and cash flow statement. How often do you take a look at or review
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Everything you need to know before closing down a business in BC
Everything you need to know before closing down a business in BC Closing a business is never a pleasant or easy task. It may be for personal reasons, like retirement, or perhaps you no longer feel it’s a sustainable business. It’s vital to follow the right administrative procedures to notify the relevant government agencies that you
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Here are answers to five of the top business tax information questions
Question 1: How do I register for My Business Account? You can register for My Business Account using your Canada Revenue Agency (CRA) User ID and password or through a sign-in partner. Haven’t set up your CRA User ID yet? Find out how here: Registration process to access the CRA sign-in services What you’ll need to register: CRA
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How to Minimize Your Chances of Being Audited by the CRA?
How to Minimize Your Chances of Being Audited by the CRA? As a small business owner in Canada, being audited by the Canada Revenue Agency (CRA) can be a most daunting experience. You have enough to do managing your business without undergoing a time-sucking and possibly expensive tax audit. The Canada Revenue Agency (CRA) audits
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What Are The Tax Efficient Ways to Withdraw Money from Your Business?
What Are The Tax Efficient Ways to Withdraw Money from Your Business? As a business owner, you may have surplus cash accumulating in your corporation. Simply withdrawing cash from your business will likely result in a significant tax bill. So the question then becomes: how do you take money out of your business in a
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What Happens When You File Your Corporate Taxes Late – And How We Can Help!
Let’s admit that. Preparing and filing corporate tax return isn’t very enjoyable process for most. Often with busy schedules, we tend to put if off for just a little longer. So, what happens when you file your corporate tax returns late.
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