Notices of Objection: What You Need to Know

In a previous blog, we discussed the CRA Notice of Assessment and how to interpret and understand the information contained within. The Notice of Assessment represents the CRA’s conclusion and assessment of the result of an individual’s tax filing. However, does it necessarily represent the final say on the… Read More

What Businesses Should Know About Transfer Pricing

What is ‘Transfer Pricing’? What is meant by the term Transfer Pricing? Does it apply to all companies or only some? It applies to multinational enterprises (MNES) that buy and sell products and services between their inter-jurisdictional divisions. The big reason for a focus on transfer pricing is that MNEs… Read More

Understanding Your CRA Notice of Assessment

As the extended personal income tax deadline just passed on June 1st or is coming on June 15th for those who are self-employed, you may be waiting for a refund or making a payment to the Canada Revenue Agency (CRA). Once your tax return is processed, the CRA will send… Read More

The Quick Method of Accounting for GST/HST for Small Businesses

Time is Money Have you been operating your business for a short period of time (less than three years)? If yes, then you are likely focusing your energy on how to increase the size of your business and how to make it more efficient and profitable. If your company is… Read More

The Definitive Guide to Using CRA My Account

We have previously written an introductory piece about Canada Revenue Agency’s My Account portal, however, given the current COVID-19 health crisis and the associated benefits offered to Canadians suffering major financial losses as a result, usage of My Account has likely never been higher. Given that more Canadians than… Read More

Canada’s Emergency Wage Subsidy Program

In our previous blog, we discussed Canada’s Temporary Wage Subsidy Program and mentioned a second program called the Canada Emergency Wage Subsidy (CEWS), which was still in draft at that time. As of April 11th, CEWS legislation became effective, so below we’ll provide an overview of how the program… Read More

Canada’s Temporary Wage Subsidy Program

Are you an owner/manager of a small business or Canadian Controlled Private Corporation (CCPC) and wondering how to help your employees who are working fewer hours or have been laid off due to the COVID-19 health pandemic? Recently, the federal government set up a Temporary Wage Subsidy Plan to help… Read More

Managing Cash Flow: Employee Deductions and HST Collections

We all know that managing cash flow is very important for any business. One cash flow area requiring special consideration is the money that you collect on behalf of the government – employee payroll deductions and HST collections. Payroll Taxes Your business incurs a liability every time a deduction or… Read More