What Should I do if CRA Arbitrarily Assesses My Tax Return?
Canada Revenue Agency’s (“CRA’s”) arbitrary tax assessment, commonly known as notional or involuntary assessment is when you have not yet filed your tax return by the required deadline, usually April 30th for individuals, or June 15th for self-employed people, and CRA completes an assessment on your behalf by estimating (guessing) your income. Such assessment is…
Have You Received a Letter from the CRA Regarding Business or Employment Expenses?
Have You Received a Letter from the CRA Regarding Business or Employment Expenses? Are you wondering why you received this letter and what it means? If so, you are not alone. In 2010, the Canada Revenue Agency (“CRA”) began a letter campaign to inform individuals about certain expenses they are deducting. For instance, one of…
Tips for Writing a Business Plan
Now that you know why you need a business plan, we have summarized 7 key sections of the plan. Executive summary: your executive summary should be short, concise and no more than 2 pages. Even though it is the first section of the plan, you should write it last. This section should provide an overview…
What are Foreign Reporting Requirements for Canadian Taxpayers?
If you are a Canadian taxpayer including individual, corporation or trust, you are required to report any specified foreign property owned during the tax year if the cost base of all foreign property exceeds $100,000 at any point during the year, along with the income earned during the year from that property[i]. Such property includes…
5 Reasons You Need a Business Plan for Your Start-Up
Are you starting a new business, seeking additional financing, or looking to expand? If so, a well thought-out business plan is a must! The following are five key reasons why you need a business plan: #1 Starting a new business: a business plan will help you establish the steps required to start a new business,…
