Getting audited sounds scary, right? Don't let the fear get to you. All it really means is that the CRA wants you to submit documentation to support whatever claims you made on your taxes. It can definitely be a pain, but don't let it scare you.
There are lots of options to explore if you find yourself owing the CRA some money. It's a sticky situation for sure! Definitely not one you want to be in. But there are solutions available for you, and you would be doing yourself a disservice not to look into them.
Owe the CRA some money for taxes! Don't ignore it! Many people pretend their tax bill doesn't exist and that it will disappear, but it will not. The CRA will come after you! Learn how to manage remittances, interest deferrals, collections, and instalments.
This year's tax season was one of the most difficult ones yet! I say that every year, but this year was especially bad. Between CRB, part-time jobs, and new expenses, people were all over the place with their taxes. Learn what NOT to do for next year to save yourself more money!
HST is one of the major causes of error on peoples' business taxes. Sometimes they leave money on the table, and other times they underestimate and end up owing the CRA a lot of money. There is no shame in not knowing all the ins and outs! We are happy to help you out wherever you need it.
Last week we saw how $100k in sales could mean up to $30k in taxes at the end of the year... Are you ready for that? There are lots of ways to prepare yourself for tax time, but not everything works for every person or every business. Learn which method is right for you!
This year's tax deadline is fast approaching... Are you ready for your tax bill? If you weren't setting money aside throughout the year, you could be in for a nasty surprise. A business that grosses $100k in revenue each year could owe over $20k come tax time!
Taxes can be very complicated, and this year definitely did not help with that. Between CERB, CRB, RRSPs, home offices, and all the other stuff we normally wonder about, it can be easy to get lost. This week I answer the top 10 tax questions for the year!
COVID was tough for a lot of us. Everyone found a different way through it, with many people turning to their pensions, their RRSPs, COVID benefits, or even starting new businesses. That is great! But did you set money aside for the taxes payable on all of that? Many don't, and the bill can be big.
Are you optimizing your taxes this year? Make sure you get every credit you are entitled to. It could be way more than you think! And make sure you file even if you do not have any income. Some of these credits can help you!
