Common question of whether a round of golf can be deducted as a business expense in Canada. While it may seem appealing, there are strict guidelines from the CRA. The expense must be directly related to business activities and have a clear business purpose, such as client meetings or networking. Employee rewards, team-building activities, and promotional events may also qualify, but it's essential to ensure they're reasonable and directly related to business objectives. Consulting with a tax professional is recommended to navigate these deductions safely.

When it comes to owning a rental property, it is crucial that you hire a professional to ensure you don’t miss out on important tax benefits, deductions, and exemptions.

The best evidence to support the use of a vehicle is an accurate logbook of business travel maintained for the entire year, showing for each business trip, the destination, the reason for the trip and the distance covered.

Updating your marital status with Canada Revenue Agency (CRA) is mandatory. At Faithe Rouse Professional Accounting Services, we are here to answer your bookkeeping and tax questions, so you feel confident with your financial standing.

Businesses that are primarily construction-related (50% or more) and pay subcontractors for construction services must report payments that are $500 or more (including GST/HST) to the CRA using the Contract Payment Reporting System.