Retention of Books and Records
Financial books and records including all Income Tax and GST/HST returns must be retained for six years starting from the end of the taxation year.
Foreign Income Verification
All Canadians must report their worldwide income and assets outside Canada over $100,00 by using the form T1135. These foreign reporting forms provide information to the CRA about foreign assets and income on foreign assets. But this is the most common mistake…
Use of Financial Reports
Financial statements may be used by different stakeholders for a multitude of purposes. Owners and mangers require financial statements to make important business decisions affecting its continued operations.
Amending Personal Return T1
You can amend your return when you discover any mistakes or omission on your original filed return which resulted in either an increase or decrease in the amount of tax payable.
How to avoid double taxation in Canada?
Canadian residents for tax purposes or deemed Canadian residents who were present in Canada for 183 days or more in a taxation year are taxed on their worldwide income. So, they have to report their foreign income on their tax return in Canada and may be subject to double taxation on foreign…
Fundamental Concepts in Accounting
Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting.
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