Personal Services Businesses and Canada Revenue Agency
The Canada Revenue Agency (CRA) will be increasing their focus on personal services businesses and assessing for breeches of tax rules, according to an update from CPA Canada on September 6, 2022. With more Canadians choosing to incorporate their businesses, the CRA will be analyzing if a corporation is operating as a personal services business […]
The Top 3 Things You Need to Know from the 2022 Federal Budget in Canada
Summary of the 2022 Federal Budget Canada released the 2022 federal budget on April 7, 2022. As in past years, the focus of this year’s budget is on building a stronger, more resilient economy leading to long-term fiscal sustainability, and to reduce the federal debt-to-GDP ratio to pre-pandemic levels. The 2022 federal budget also aims […]
Supply Chain Relief Financing
BDC is now offering Supply Chain Relief Financing of between $100K-$500K for businesses affected by supply chain issues. This funding helps cover operational cash flow needs related to supply chain disruptions. Features of this funding include: Up to 12 months for principal payment postponement No penalty for repaying your loan early Financing can be […]
What Are CRA’s Processing Times?
The Canada Revenue Agency has shared an online tool that will offer you a general idea of standard processing times for tax returns and various tax-related submissions such as clearance certificates, CPP submissions, T1 adjustments, payroll related items, and more. This can be a helpful resource when you are awaiting the processing of your files […]
CRA My Account Update | Email Notifications
As of February 7, 2022, individuals using Canada Revenue Agency’s (CRA) My Account system will need to have an email address on file. This will help protect users against fraudulent activity as you will be notified via email when important changes are made to your account and personal information. These changes include: Your address Your […]
CEBA Loan Repayment Deadline Extension
Update – September 2023 The forgiveness repayment date has been extended to January 18, 2024 for eligible CEBA loan holders in good standing. More details about loan repayment and forgiveness are available here. ______________________ The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to almost 1 million businesses and non-profit organizations […]
What to Look for in an Accounting Firm for Your Business
When researching and selecting an accounting firm for your business, you should consider a firm that does more than preparing your year-end financial statements and tax returns to ensure compliance with the Canada Revenue Agency. The Right Accounting Firm for Your Business The right firm can provide so much more value to you, and the […]
Restrictions Exemption Program Implementation Grant for Alberta Businesses
If your business is participating in Alberta’s Restrictions Exemption Program, you may be eligible for a one-time payment of $2000 to help offset the cost of implementing the program. To be eligible, an Albertan organization must be: on the list of eligible in-scope operators (restaurants, bars and hotels are the most common of these) implementing […]
Canada Revenue Agency Audits to Resume in September | How to Prepare
Beginning in March 2020, many audits performed by the Canada Revenue Agency (CRA) were paused or suspended as our government adapted to the COVID-19 pandemic and focused energies on supporting Canadians through economic uncertainty. In July 2021, auditors began to communicate that work on these files would resume in September this year. If the audit […]
Controller Services for Busy Business Owners
Consistently monitoring your cash flow to fully understand how money moves in and out of your business can be a time consuming job, but it is an important aspect of managing your business effectively. In order to make the best decisions for the growth and potential of your business, you must first have good information […]