Cloud-based Quickbooks (“QBO”) has made great strides in the past few years. Desktop Quickbooks (“QB”) was the top choice for many small businesses for years before QBO came into existence. QB was easy to use, cost effective and provided superior reports. However, the problem with QB was the clumsiness that came with file sharing. The QBA version (the QB version which allowed the business to move forward while the accountant worked on year-end) solved this ... Read More
Taxpayers are only human and sometimes we fall behind on our tax filings. Marital breakdowns, family emergencies and mental health issues are just a few of the reasons taxpayers are unable to file their returns on time. Life has a way of changing our routines and habits, and for an unfortunate few, this means that they miss their Canadian income tax filings. Before you know it, a few years have passed, and a subtle slip-up is now several years of ... Read More
Sometimes taxpayers make mistakes with their annual tax filings. These mistakes come in many forms: an omission, an understatement, a misclassification of an income, an information return left unfiled, or perhaps the tax advisor may have inadvertently misinterpreted the Income Tax Act. The examples are endless.
A second chance
Taxpayers who find themselves in these types of stressful situations can stress no more; the CRA has a program that ... Read More