In a previous blog, I discussed how CRA recently sent out a slew of letters asking incorporated businesses to provide detailed documentation on various business expense deducted such as travel, auto or advertising. Last year, CRA also went on a similar expedition but on a smaller scale. Normally, by this time, which is a year later, taxpayers whose business expenses
Small businesses, defined as businesses with fewer than 500 employees make up a big part of Canada’seconomy. Many of these small businesses are CCPCs. Small businesses need to be agile and responsiveto changing local and international economic conditions to survive and thrive. The pandemic relatedemployment shrinkages mostly affected small businesses. Now, as Canadians try to move forward, CRAis also moving
It is March 28, 2020 today. At the end of this week, BC government and Ottawa came up with some huge assistance for small businesses which I will cover here. I expect their response to only grow as time goes on and I will keep you abreast on new matters. First, Ottawa response and the official link is below. https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html#wage_subsidies
MEW and COMPANY
Chartered Professional Accountants
Suite 418–788 Beatty St. Vancouver, BC V6B 2M1
Tel: 604 688 9198 | Fax: 604 688 9192
Suite 418–788 Beatty St.
Vancouver, BC V6B 2M1
Tel:604 688 9198
Fax: 604 688 9192
Lilly Woo, CPA, CA, CFE, CFP (ext. 1)
Richard Mew, CPA, CA, CFP (ext. 2)
For everything from consultation to a comprehensive corporate tax plan, call us, we’re here to help. Whether you’re an incorporated Canadian business or a Canadian individual, whether you need financial statements or a comprehensive tax and estate plan, we know how to work within the current Canadian tax laws to minimize your tax burden and maximize your net worth
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