Corporate Tax

“How far back can the government go"? This is a common question that we hear. Recently, we had an individual contact us about his audit. Canada Revenue Agency (CRA) was auditing his personal tax return. He operated a business for about ten years, and CRA was reviewing his expenses. CRA wanted to examine approximately the last eight years worth of expenses.

Everyone in Canada is familiar with being taxed on the purchase of goods and services. Depending on your jurisdiction, this extra amount required to be paid is known either as the goods and services tax (GST) or the harmonized sales tax (HST) (or, the QST in Quebec). However, if you own and operate a business in Canada, HST and GST have an additional meaning, which attaches additional obligations on the business owner.