Small Business Tax Accounting

The Canada Revenue Agency has two major tools when it comes to reassessing the income tax returns of Canadian individuals and businesses; a 'tax audit' is one of those procedures. As a Canadian taxpayer, it is important to understand how tax audits work and how you should respond if you are selected for a tax audit.

Many corporations in Canada are Canadian-Controlled Private Corporations (“CCPCs”). Having this status entitles them to special tax benefits, which makes the decision to incorporate one’s business even more enticing.