Shaelene’s Tax Tip of the Week – October 27th

Did you know?

You should keep your tax return documents, even after you file: “The more organized you can be with receipts and other documentation relating to your return, the better off you’ll be if you are selected for an audit. Be prepared to produce them quickly when CRA asks to see them, and keep in mind that members of your family may be asked to offer up their own documentations as well.”

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Shaelene’s Tax Tip of the Week – April 29th

As is the standard in much of Canadian Law, the CRA uses a “reasonableness” test to determine their decisions as they relate to business income. In fact, “reasonable” and “reasonably” shows up an astounding 1219 times in our Income Tax Act. If you plan to do something, consider for example whether or not the CRA would think you “reasonably” expected a profit from your undertaking.

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