To reduce the risk of tax audits, small and medium-sized employers should establish a reimbursement system

Toronto accounting, which has been in business for more than ten years, once again proudly introduces to you a simple concept and simple execution. As long as you pay a little attention and prepare a reasonable reimbursement procedure, your small and medium-sized enterprises will greatly reduce the risk of audits.

What is the secret? It is actually the "reimbursement system".
SME owners, you must fully realize that although you are the boss of the company, you are also an employee of the company. You and the SME you founded are two independent legal entities. Although you can control the company's decisions, the company's money and your personal money are two different things.
Implementing the reimbursement system step by step will make this clear to you and minimize the risk when the tax bureau audits are clear.

 

Related articles

  • What is the most appropriate way to buy a car in the name of the company? Buy with a loan or with full payment?

    Marketing cwcga
    We have previously published content about whether it is better to buy an investment property in the name of an individual or a company. Each has its pros and cons. The key lies in why you buy and how you buy it.


    The same applies to buying a car. Don’t think that you should spend as much as possible just to save taxes. In fact, suitability is the most important thing, because often the savings from spending necessary money will be much more than the taxes you pay.

  • Employer Health Tax (EHT Return)

    Marketing cwcga
    In today's video, Jinni explains what you need to pay attention to when it comes to Employer Health Tax (EHT Return) in Canada.

  • 2019 personal tax filing tips

    Marketing cwcga
    This video is designed for small families with children who pay for their children's daycare. If one of your family members has a high income and is in school or the low income member cannot take care of the child for other reasons,  Please be sure to check the T776 form to see if you, as the high-income spouse, can deduct the child's DAYCARE expenses and enjoy a special child care benefit in Ontario this year. The amount is considerable, so don't ignore it!
Back to Personal tax refund
Go to full site