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Business owners have financial obligations to themselves, their partners, their employees, their families, and of course the Canadian Government. Our experts gathered information from different resources (some directly from the Government of Canada and some from our own experiences), that will help you better understand how to forecast; where your business is today, where your business can get, how big your business can grow, and what steps you need to take to grow your business. All this while fulfilling your obligations to all stakeholders that take part in your business.
- IN THE NEWS - some headlines making the financial news today, including Tax Evasion and Failure to File Taxes
- YAD WHITEPAPERS- here we share tips from own own experiences as business owners
- GST/HST - PENALTIES and INTEREST - four things you need to know to avoid penalties and accumulated interest
- FREE FINANCIAL CALCULATORS AND TOOLS FOR BUSINESS OWNERS - CRA calculators/tools that will help you understand things like:
- Budget Calculator
- Financial Goal Calculator
- Lease/Finance Car Calculator
- Financial Literacy Self-Assessment
- And more! Scroll down..
IN THE NEWS
Below are important links anyone who is involved in accounting and bookkeeping (be it a business owner, an employee, a student, financial adviser, or an individual doing their own finances) should follow:
1. | www.globalnews.ca/tag/cra - this is great source to stay up-to-date on anything CRA related! |
2. | Enforcement notifications: compliance actions - in this section of their website, "The Canada Revenue Agency (CRA) advises the media of cases of people, corporations, and trusts convicted in the courts for tax evasion or for failing to file income tax returns when required. " We feel that this is important information to share with our audiences. Always make sure your books are up-to-date and you are working with licensed professionals! |
YAD WHITEPAPERS
Below is a list of FREE and handy whitepapers about bookkeeping and accounting for anyone involved in accounting and bookkeeping be it a business owner, an employee, a student, financial adviser, or an individual doing their own finances):
1. | Top 10 Bookkeeping Tips for Business Owners - in this whitepaper we share top 10 guidelines that work for our business. We hope you find these helpful as well! |
2. | More to come |
3. | More to come |
4. | More to come |
5. | More to come |
GST/HST – Penalties and Interest
Canada Revenue Agency provides clear information on penalties and accumulated interest for late and incorrect filing of business taxes. We have included some of this information in the table below.
For more details please visit CRA website, or reach out to us and our experts will help ensure this portion of your business is taken care of.
Type of Penalty | When it Applies | Amount Charged |
|---|---|---|
1. Failure to file | Any return you file late unless you are in one of the following situations:
| A + (B × C) where: A is 1% of the amount owing B is 25% of A C is the number of months the return is overdue, to a maximum of 12 months |
2. Demand to file | If you receive a demand to file and do not do so. | $250.00 |
3. Failure to file electronically | If you are required to file electronically and do not do so. For more information, see Mandatory electronic filing of the GST/HST return (GST34). | $100.00 for the initial return not filed electronically. $250.00 for each following return not filed electronically. |
4. Failure to accurately report information For those who complete their own filing, please (at least) consult a licensed professional. We have seen cases where a business owner may think he knows exactly what he is doing, but by using a wrong tax code, his GST/HST Summary Report does not end up matching his Profit/Loss Report, which then results in over $20,000 in discrepancy and potential penalty for incorrect filing. | For electronically filed returns, failure to accurately report information can include the following:
The amounts include all of the following:
| Generally 5% of the amount plus 1% per month of the difference between what is reported and what should have been reported, until the amounts are corrected (to a maximum of 10%). |
FREE FINANCIAL CALCULATORS AND TOOLS FOR BUSINESS OWNERS
Canada Revenue Agency provides free calculators and tools for business owners. We have included this information below to help our clients and visitors, who own a small to medium business, and are looking for some basic understanding of their business and its status/forecast from financial stand point.
For more details please visit CRA website, or reach out to us and our experts will help ensure this portion of your business is taken care of.
FREE FINANCIAL CALCULATORS | FREE FINANCIAL TOOLS | FREE FINANCIAL ASSESSMENT & DATA BASE |
|---|---|---|
Find out where your money is going and determine how much you can put towards your goals. | Compare bank account interest rates, monthly fees, transaction fees and services. | Financial Literacy Self-assessment Quiz A helpful quiz to test your money management skills and knowledge. |
Calculate your mortgage payment schedule and how to save money by making prepayments. | Find out if you can qualify for a mortgage based on the property you want, your income and your expenses. | Canadian Financial Literacy Database A one-stop source for resources and events from Canadian organizations on budgeting, saving, investing and more. |
Credit Card Payment Calculator Find out how long it will take to pay off your credit card and explore options to pay it back faster. | Compare credit card interest rates, annual fees, rewards and other features. | |
Calculate how to pay down your debt and reach your savings goals. | ||
A step-by-step calculator to help you estimate your retirement income, employer pensions and other sources of income. | ||
Vehicle Lease or Buy Calculator Compare the costs of financing or leasing a vehicle. |