Tax Risk Management for Canadian Businesses - Get expert advice on managing your tax risks.
Understand the basics of Canada's Income Tax System.
If you have a basic understanding of Canada's income tax system, you will have a better understanding of the types of taxes you are required to pay and when those taxes are due. You will also find out what the Canadian government has said about its tax policies and how to lower the amount of tax you owe by taking advantage of tax credits and deductions.
Know what you need to know about Canada's GST/HST system.
If you run a company in Canada that sells goods and services within the country, you need to be aware of whether you are required to charge your customers the Goods and Services Tax (GST) or the Harmonized Sales Tax (HST). However, there are some exemptions; it is your responsibility to determine whether you are required to register for a GST/HST account.
Avoid penalties by understanding the rules around Withholding Taxes.
It’s important to understand the rules around withholding taxes so you don’t accidentally pay too much or too little in taxes. This means knowing what you need to withhold from your employees’ wages, as well as when you need to file your own personal income tax return.
Find out how to reduce your risk with the Canada Revenue Agency.
There are several ways to reduce your risk when dealing with the CRA.
First, make sure you file your returns on time.
Second, keep accurate records of your income and expenses.
Third, pay any outstanding taxes as soon as possible.
Fourth, if you owe money to the CRA, contact them immediately so they can work out an agreement. There are ways to contact Canada Revenue Agency (CRA); you can contact them by phone at 1-800-959-8281 or visit their website at Contact the Canada Revenue Agency - Canada.ca. You can also send them a letter via certified mail.
Finally, make a full disclosure through the Voluntary Disclosures Program before the CRA discovers your alleged tax non-compliance.
Work with Cloud Accounting and Tax Services.
At Cloud Accounting & Tax Services Inc. | CLaTAX, our certified public accountants are ready to provide guidance to clients regarding the nature, magnitude, and potential solutions to tax risks. We will assist you in determining an efficient tax strategy so that you are able to avoid, settle, or lessen the impact of potential tax issues. Within the context of a tax audit, talks with the tax inspector, or tax litigation or mediation, we are able to act as your representatives in front of the CRA’s tax authorities. Contact us today to learn more about our services!
