Keep The Invoices
Improper input tax credit (ITC) documentation is one of the main reasons for GST/HST reassessments. Proper invoices to support ITCs are required by Canada Revenue Agency auditors. For example, the…
Employees Vs. Independent Contractors
It’s crucial to know whether your workers are employees or independent contractors. Big dollars may be at stake in the form of Federal and provincial assessed penalties resulting from misclassification.…
Shareholder/Employee Loans
Settle outstanding shareholder loans and interest on employee loans.If you have a shareholder loan that was made in the corporation’s previous taxation year, repay it before the end of the…
