It is not uncommon for a business to be audited by the Canada Revenue Agency (CRA), and, for most taxpayers, the idea of being audited is something that is dreaded.
At Koroll & Company, it is our goal to help you better understand what you can expect and, when necessary, help you through the process to reduce the likelihood of adjustment or to resolve reassessments, so that you can stop worrying about what if’s.
The business audit process can be intimidating, but understanding what the process involves and what your role is can be a big step to alleviating that stress.
To help you better understand the process, Koroll & Company has answered some common questions about the Canada Revenue Agency (CRA) audit.
Effectively managed records play a critical role in the operation of any business. They help you monitor the progress of your business, prepare financial statements, keep track of your deductible expenses, and support claims on your tax return.
But did you know that you have legal requirements to maintain records for all transactions so that you can support your income and expenses?
“Innovation distinguishes between a leader and a follower” - Steve Jobs.
Research and development fuels innovation and helps with advancement at all levels. From the perspective of the government, it helps improve the economy and bring us to the forefront of innovation. From a business perspective it helps your company stay ahead of market trends and remain relevant. For individuals, it allows us to enjoy an improved lifestyle.
It is for this reason that, in an attempt to support research and development (R&D) in Ontario, the provincial government is looking to enhance the current tax credits aimed at promoting innovation as well as research and development in Ontario.
Previously, we discussed proposed changes to passive investment income earned by private corporations detailed in the 2018 Federal Budget.
The changes proposed two new measures. The first is a reduction of the business limit for passive income earned over a specific threshold and the second will limit the refundability of taxes paid on investment income.
Global Intangible Low-Taxed Income, known as GILTI, is a newly introduced provision that requires United States shareholders to include additional earnings, in their gross income, for income derived from controlled foreign corporations (CFC).
We've proudly served Newmarket and the surrounding region for over 20+ years. We pride ourselves on delivering value to all our clients, and providing up-to-date expertise and knowledge.
