News & Blog

5 Things to Avoid When Filing Your Return

Source: www.cra-arc.gc.ca   1.Not filing an income tax and benefit return because you had no income If you have no income to report, you should still file a return. You may be eligible for a refund and credits and benefits such as the goods and services tax/harmonized sales tax credit and the Canada child tax benefit. 2.Not reporting all your income When filing, it is important to make sure you report all your income from all your slips, such as…

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KPI’s for Small Businesses

Running a business often entails a deep focus on what you’re making, what you’re spending and how much is left over. These financial key performance indicators (KPIs) are important, and when they are viewed independently they tell one piece of the story. However, when you put them all together that’s when you are truly able to understand how your business is operating. In order to maintain a successful business you need to understand not only what the financial KPIs are,…

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Spring Clean Your Business

You spring clean your house, so why not your business? Follow the below simple changes to ensure you’re set up for success! Save! Take the plunge and review where you and your business are financially. Review your budget: are you on target? From there, you can look for the obvious and immediately tangible ways to cut costs. For example, hidden expenses such as stationary or software. Revisit Your Goals. You should be reassessing your goals (both short- and long-term) at…

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KBH Audit Shield – Help for when the CRA calls

As a business owner you know that there is always a chance that you will get audited after you file your tax return. When this happens one begins to wonder what ways the CRA will use to determine if your filings are legitimate. Unfortunately, this largely depends on the CRA auditor you get and if they believe your records are accurate and reliable. The CRA is also required to perform a number of indirect tests to verify that what you have…

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