Don’t let an audit get you down!
If you’ve been working with an accountant and bookkeeper as well as following best practices, you will be prepared for an audit. You’ll have the records and the people you need by your side. This won’t take away all the stress, but it will certainly lower it.
Interested in learning more about how we can help you?
Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!
Did you know?
Receipts are considered the financial dashboard of how much money you spent throughout the year. Ensure that you hold on to all receipts and invoices that are pertinent to income earned from your business—whether it was for providing services or selling products. CRA recommends holding on to paperwork for up to six years. If you lack back-up documentation, CRA has the right to impose interest or penalties, and your claims can be disallowed. Additionally, it is highly recommended that you have separate credit cards and bank accounts for personal and business-related transactions.
Have questions? Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!
If you have a cottage that you own and rent out, keep your receipts. And make the claims in the right year. “Allowable expenses are usually deducted on a cash basis – that is, in the calendar year in which you incur them – as long as you match them to the revenue earned in the same period. These can range from the advertising of the cottage all out to landscaping costs and common things such as maintenance and repairs.”
Have questions? Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!
