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Understand CRA Interest and Penalties in a High-Interest Rate Environment

For years, corporate taxpayers paid very little attention to the bottom part of their annual corporate tax assessment notices.  That bottom part summed up late installment charges that are included in the final tax bill.  For years, installment interest charges hovered around 5% annualized so forgetting an installment or not paying the final balance owing on time had no material

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Why a Real General Ledger is the First Line of Defense During a CRA Tax Audit

Many mature businesses have endured this at least once during their life time – a CRA tax audit.  Most businesses survive an audit with no issue.  This happens when the business has an adequate set of financial records that is easy for the CRA auditor to examine.  So what makes up an adequate set of financial records. First of all,

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Death of a Taxpayer – A To Do List

Death of a family member is one of the most stressful events in life.  To compound the grief, there are final tax matters to deal with either by April 30th of the following year or 6 months after the date of death. What To Do Upon The Death of a Taxpayer? Upon the death of a taxpayer, at a minimum,

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