Articles

For many small business owners in Canada, the phrase “CRA audit” immediately creates stress. The truth is, most audits are not about wrongdoing—they are about clarity. The Canada Revenue Agency audits businesses to confirm that reported income, expenses, and taxes are supported by proper records and reasonable explanations. Preparing your books properly before a CRA […]

Bookkeeping errors usually don’t happen all at once. They build up quietly over time and only become visible when it’s time to file taxes. Each of the following mistakes directly affects tax accuracy and can lead to reassessments, penalties, or audit risk if left unresolved. Before diving into the details, here is a high-level overview

Growth is exciting, but it’s also where many startups quietly fail. Not because the product is weak or the market disappears—but because financial systems don’t scale at the same pace as revenue. What worked when your startup was small often breaks the moment complexity increases. Accounting is not just about compliance or tax filing. For

Whether you plan to sell your business or attract investors, valuation is one of the most critical—and misunderstood—steps in the process. Many business owners assume valuation is just a number decided by a formula. In reality, it is a structured story told through financial data, risk analysis, and growth potential. A strong business valuation does

Payroll is one of the few business functions where mistakes are both expensive and stressful. Late remittances, incorrect deductions, or misclassified employees can quickly lead to penalties and compliance issues. For Canadian small businesses in 2026, choosing the right payroll software is no longer about convenience—it’s about accuracy, automation, and long-term scalability. Modern payroll software

Understanding the difference between employees and contractors is one of the most critical payroll responsibilities for Canadian businesses. Misclassifying a worker does not just create accounting confusion — it can trigger serious tax, payroll, and legal consequences with the Canada Revenue Agency (CRA). Many business owners assume that issuing invoices or signing a contractor agreement

Running an online business or e-commerce store means dealing with high transaction volume, multiple payment platforms, sales tax complexity, and fast-moving cash flow. Without a solid bookkeeping system, even profitable online businesses can lose control of their finances. This bookkeeping checklist for e-commerce is designed to help store owners, founders, and digital entrepreneurs maintain clean

Understanding the key payroll year-end filing deadlines in Canada is essential for any employer. Missing a CRA payroll remittance deadline can trigger penalties, interest, and unnecessary reviews from the CRA. Each employer is assigned a remitter type — Regular, Quarterly, or Accelerated (Threshold 1 or 2) — and each category has its own payment schedule.

Top GST/HST Filing Errors That Trigger CRA Reviews Many small businesses make common GST/HST mistakes that can easily trigger a CRA review. One of the biggest issues is misreporting taxable versus exempt sales, especially for companies offering mixed services. Another frequent error occurs when businesses apply the wrong tax rate based on province or transaction

What Is a CRA Small Business Tax Review and Why It Matters  A CRA small business tax review is an official assessment where the Canada Revenue Agency checks whether your reported income, expenses, and deductions follow federal tax rules. It isn’t always a full audit — sometimes it’s a simple request for additional documents. For