Whether you run your own business or only speak to Shaelene about your personal taxes, consider setting yourself up with Quickbooks Online and Receipt Bank. Quickbooks is simple, easy, online bookkeeping. Receipt Bank allows you to take pictures of all your receipts and invoices so you can upload them to the cloud where we can instantly see them in real time. While it does cost a monthly subscription fee, you can write it off as an accounting fee; these are reasonable accounting fees that you pay so that you can prepare and file your income tax. It helps your accountants tremendously when all of your data is organized in a simple web interface.
Know the difference between “tax credit” and “tax deduction.” A deduction is an expense or exception which reduces your total taxable income. The tax credit is what reduces whatever you’re on the hook for income tax wise.
The CRA does not send emails. If you receive an email claiming to be from the CRA, do not respond and do not click on any links. Be sure to contact Books In Line if you are not sure about anyone contacting you claiming to be from the CRA. We will look into this on your behalf.