It all starts with A – Accounting! |
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It all starts with A – Accounting! Accounting is the backbone of a successful venture. In order to know where you are going, you need to know where you have been. Properly kept accounting records let you plan your business operations, forecast your financials and prepare/plan your taxes by accurate and up to date information. Taxation is the "sum of the parts" of everything you do. It is the single determining factor of all your endeavors. Simply put, properly planned and completed tax returns will result in retaining your wealth building endeavors where they belong - with you. Dealing with CRA can be difficult, stressful and confusing at any time. The purpose of Canada Revenue Agency is to enforce the laws and collection policies of the Department of Finance. One of the most common mistakes made with Canada Revenue Agency is assuming that CRA is correct. Most of the time, there is a miscommunication between the taxpayer and CRA. To decrease your stress and improve your income retention: complete your personal tax return every April (Even if you think you do not have to pay any taxes, it is still to your advantage to submit a tax return.) complete a tax return for each province that you operate your corporation in confirm that you have a copy of all receipts noted in your tax return include as much detail as possible to insure that you remember what the expense was for monthly updates – set a personal deadline each month to bring your information up to date GST and PST – write the deadlines on your calendar today |
