Things To Be Aware Of If You're Audited

The Canada Revenue Agency, or CRA, regularly conducts audits across the country. If you have quite recently found out that your business will be audited, there is no reason to panic. An audit is a standard procedure for CRA. The reason for the audit might be worrisome, in any case, unless you have really fudged your books or conducted an illegal activity, there is no genuine reason to panic. CRA audits are standard procedures, and it is the government's procedure of ensuring that organizations are staying within compliance. Here are seven things you should to know about. For more information, visit our website http://www.atsaccountinginc.com/ or contact us at (587) 410-6098.

Should Your Corporation’s Shareholder be a Family Trust or a Holding Company

If you are not choosing a family trust, you are choosing for a holding company. A holding company owns the shares of another company and controls that company. A holding company is suited to manage shareholders and the company, and does not deliver goods or services itself. A holding company also offers tax advantages. This allows shareholders to pull back assets at the right time and save tax; for example withdrawing after retirement to get to a lower tax bracket. Everything of the dividends can be reinvested by the holding company.

Benefits of Hiring The Top Accounting Firms in Edmonton

 

CRA has the right to pursue directors and previous directors personally for specific categories of corporate tax debts arising during the time they were directors. The most widely recognized are GST/HST and payroll source deductions. It is the obligation of every director to comply with his tax obligations to avoid being hauled by the CRA. ATS Accounting, with its skill in tax planning, accounting and business bookkeeping, gives services to defend the interests of people and small organizations in Edmonton and different other cities in Alberta that aren't equipped to put a full-time bookkeeper on their payroll.

Appropriate Usage of Petty Cash

Every business makes small buys every day for items, for example, office supplies, stamps, shipping charges, and different various things. Establishing a petty cash fund permits an entrepreneur to keep up control and record for the uses with insignificant expense and regulatory hassle. Keeping track of your petty cash is only a good bookkeeping practice, which will advantage your business. Petty cash should not be cash that is thrown around. Over the long run, it does impact the financial health of your business, thus it is vital to take care.

Common Things To Be Aware Of If You’re Audited

The Canada Revenue Agency, or CRA, regularly conducts audits across the country. If you have quite recently discovered that your business will be audited, there is no need to panic. An audit is a standard procedure for CRA. The reason for the audit may be worrisome, however, unless you have truly fudged your books or conducted an illegal activity, there is no genuine reason to panic. With such much so of disinformation surrounding CRA audits, here are we give the best things you should be aware of.For more information visit here http://www.atsaccountinginc.com/

Quickbooks Expert Bookkeeper in Edmonton

One of the numerous inquiries you are faced with is – should your company's shareholder be a family trust or a holding company. Businesses are frequently plagued by this inquiry not just in the starting of the incorporation, as well as years later too. If you are not deciding on a family believe, you are options for a holding company. A holding company owns the shares of another company and controls that company. A holding company is suited to manage shareholders and the company, and does not deliver goods or service itself. Ultimately, your business has its own unique situation. To make sure that you are selecting the right decision, it is best to take advice from an expert bookkeeper.