Tips

Did you Know That ...

Safety Programs

You are required to have a Safety Representative if you have more than 5 employees.  This representative is responsible to take concerns of his or her fellow employees to management and follow up.  As an employer it is your responsibility to ensure a safe working environment for your employees - regardless of your type of business.

GST

Did you know that if you have annual sales of less than $30,000, and you are a GST registrant you have the option of de-registering providing you meet specific criteria prior to applying to de-register your number.
 
Accruals

Any accruals set up in your year end files, must be taken within a specific amount of time.  Otherwise this anticipated expense can be disallowed thereby reducing your expenses as filed with your tax return.

Invoice Numbers

If there are invoice numbers missing, Revenue Canada takes the average of all the invoices and then apples this average to each missing invoice. Make sure quotations you give are labelled as such rather than as an invoice.

Upcoming Jane's Tips on how to ...

Use the right accounting system.  

Maintain daily records.  

Handle and review cheques carefully.
 
Get a bank statement with a month-end cut off.  

Leave an audit trail.  

Use a computer.  

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