The CRA is a Canadian federal agency that administers tax laws for the Government of Canada and for most provinces and territories. We’ll also explain where all your cash went and how much equity you are building in the business, review your company’s financial results, plan for the future, and e-file all the tax returns, GST returns, T4 slips (wages), T5 slips (dividends) and T5018 slips. At this stage, we make sure you get credit for all the deductions and write-offs you qualify for. While bookkeepers record the financial transactions of your business, accountants analyze the data and use it to generate reports and prepare financial reporting records, including tax returns, income statements and balance sheets.Īccounting involves creating the balance sheet, accruing for non-cash transactions and calculating the income taxes. You are able to operate a business, register for a business number and register a trade name, but still remain a proprietorship. You do not need to incorporate to protect a trade name.Ī proprietorship means you are the business. If you incorporate your small business, you need to register for a business number and can also register a trade name. If you’re incorporated, you would have ‘Articles of Incorporation,’ however registering for a business number or registering a trade name does not mean you are incorporated. What is the difference between a corporation and a proprietorship?Ī corporation is a separate legal entity from yourself. Here are some FAQs about small business accounting you may have. The letter will be available in the Mail section in My Account.We’re true small business experts who understand your unique challenges and opportunities and support your journey. You will receive an e-notification and a letter will be automatically generated (in the preferred official language on your file) advising that supporting documents are required. When you use Change My Return or ReFILE, the CRA may ask you for supporting documents. Email notification - Change My Return & ReFILE supporting documents notification Improvements have been made to the Change My Return service in My Account including a new layout, improved search functionality, new interfaces, and less restrictions. The calendar years will also be links that will redirect you to any Underused Housing Tax return that has been filed for that calendar year. This will display a table with all available calendar years starting with 2022. In March, the Underused Housing Tax will be added as an option under “More Services” in My Account. Please note that a CRA officer may contact you regarding your agreement. If you cannot pay your debt right away, this option allows you to set up a pre-authorized debit agreement without having to contact the CRA. The features of our Payment Arrangement Calculator have been added to the “Schedule a series of payments” option available in My Account. You can use the new Transfer payment(s) option to transfer your available payment(s) to a tax balance owing or to current year instalments. This section shows the available payment(s) balance on your individual tax account that has not been applied to any tax year. A new Available payment(s) section has been added to the Accounts and payments page in My Account.
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