Why is it important to keep a set of books?
A good set of books will tell you how your business is doing financially and where it is going. The books will help guide you on where you should spend your money and where you may be spending too much. Besides if you don't keep a set of books you'll be slow in collecting money owed and what you owe. The government also wants you to keep a set of books so they will get their share.
Which accounting program should I use?
All programs have their strengths and weaknesses. It depends on what you need the software to do. Here are few of them, Simply Accounting, M.Y.O.B., QuickBooks, Trams.Travecom and Great Plains.
What information do you need to do my taxes?
We need all of your tax slips, i.e., T4s, T5s, RRSP, etc., previous year’s Notice of Assessment from CRA, and last year's tax return. For a complete list download our Tax Info Sheet. What is Efile?
This is the electronic filing of your tax return. Individuals cannot Efile. Your tax professional should be able to Efile your return, if he cannot then you must file it by paper. Tax & Accounting is a registered Efiler.
How long will it take to get my refund?
This depends on when and how you file. If you file early enough and file electronically then it should
take about two weeks. The closer you file to
April 30, the longer it may take. Paper filing usually
takes a little longer. Direct Deposit also ensures a faster return as CRA does not have to print a cheque.
Deadline for making deductible registered retirement
saving plan (RRSP) contributions for the tax year is the end of February of the following year.
When is your tax return due?
Generally, you have to file your tax return
on or before April 30th. If you file after
April 30th and you owe taxes, you will
have to pay a penalty as well as interest. Also,
your payments for any of the following benefit
programs may be late: the GST/HST credit,
the Canada Child Tax Benefit (and related
provincial and territorial programs), and
Old Age Security.
Self-employed people:
If you or your spouse or common-law partner carried
on a business (other than a business whose
expenditures were mainly in connection with
a tax shelter), you have to file your tax return on or before June 15th. However, if you
have a balance owing for the year you have to pay by April 30th. What makes an expense deductible?
According to the CRA, any expense incurred
to operate a business is deductible. The amount
must be "reasonable" in the circumstances.
For example, if your business pays your spouse
a salary that is greater than what you may have
paid to a person not related to you, this greater
amount may be considered "unreasonable" should
the CRA question it. This means then that the
deduction may not be allowed. There are many
restrictions on what and how much you may deduct,
contact us if you have any doubt about a deduction. |
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