What CRA Requirements Should Calgary Small Businesses Know?

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What CRA Requirements Should Calgary Small
Businesses Know?
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• Managing your books and keeping your files
  organised might not be the most glamorous part of
  owning a small business, but it is one of the
  most important. Without a clear sense of your
  companys financial health, its virtually
  impossible to make smart decisions for the future
  of the enterprise. Thats not to mention the
  similar importance of staying prepared for tax
  filings and even the dreaded audit.
• When it comes to small business bookkeeping in
  Calgary, what kinds of requirements do the CRA
  expect you to meet? Staying up to date on the
  tax-related reporting demands placed on your
  company is crucial for avoiding unwelcome
  surprises. Heres what to know.

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• Basic Recordkeeping and Organisational
  Requirements
• While the CRA only sets out some general
  guidelines for how you should organise your
  records, they do stress that they must be
  reliable and complete. A jumbled filing cabinet
  full of statements from this week, last month,
  and last year is not likely to be an easy-to-use
  resource for making the right filings. Though the
  system you choose is up to you, you must ensure
  you are organising and retaining records in a way
  that will let you quickly find supporting
  documentation in the event of an audit.

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• Know How Long You Must Retain Records
• Dont forget that you will need to retain records
  related to any given return for six years from
  the end of the documents original tax year. You
  can usually safely discard and destroy documents
  older than six years from their origin, but
  long-term recordkeeping might be a smart choice
  depending on your business. Dont get caught
  without critical paperwork should you somehow
  trigger an audit years after your original filing.

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• What Types of Records Must You Keep?
• Small businesses must accurately account for all
  the income streams, expenses, and losses they
  report on their tax filings. According to the
  CRA, there are numerous documents that small
  businesses should retain. These include income
  records such as invoices, bank records, sales
  contracts, and other related paperwork. Likewise,
  you should also maintain a detailed record of
  receipts to report your expenses. Dont report an
  expense if you dont have the receipts to back up
  the claim. If you plan to claim capital cost
  allowances for assets under your businesss
  ownership, maintain the purchasing documentation
  related to the assets for as long as possible.

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• Check Every Box With Professional Help
• When your passion lies in executing your vision
  rather than running the numbers, augmenting your
  capabilities with third-party help is a smart
  choice. At Reion, we provide top-shelf small
  business accounting in Calgary using the latest
  digital tools and the most up-to-date
  understanding of CRA requirements and tax codes.
  Delivering exceptional outcomes and peace of mind
  for our clients is what we do best. Weve made it
  our mission to make it easy for you to understand
  the demands placed on your business and to meet
  them with ease. Connect with our team today to
  find out about your next steps.