Tax Audit Practices: Small-Business Owners Need Financial Education

Small businesses in Canada are responsible for employing 8.2 million Canadians, which is 70.5 percent (1) of the total labour force. Recent tax changes are impacting small-business owners, their families, and the middle-class population in general, significantly.  It’s time to take control with broader, deeper tax knowledge.

As a small-business owner today, you may be able to handle the finances yourself—but you can’t afford to do it without tax knowledge.  The onus of proof is on you, and so, you need to know the Canada Revenue Agency’s restrictions on your claims and about defending newly aggressive audit practices. New online courses from Knowledge Bureau can help you maximize your relationship with CRA and with the professional you pay to help.

In fact, if you are a small-business owner, it’s even more pertinent that you file timely, complete and accurate tax returns, because you are responsible for self-assessment of income, deductions and credits.  Your tax breaks, in other words, are more prone to audit, because CRA has to take your word for the numbers you submit.  You need to keep the records, but also the justification for reasonableness in your claims.

Entrepreneurs tend to wear many hats in their businesses and, out of financial necessity, you may choose to file your taxes without the assistance of a professional. Tax and accounting software can provide some guidance, but there may still be a knowledge gap; and you need to have control and be compliance, especially with the increasingly aggressive audits being conducted by the Canada Revenue Agency (CRA)

You also need to supervise your accounting help.  Your education in your tax knowledge, in other words, will pay off in spades.

Become better qualified to handle your business’ tax and accounting, while addressing the unique circumstances created by today’s economic climate. Online self-study courses offered by Knowledge Bureau provide you with skills and tools that are unique from other basic bookkeeping courses or software programs – they teach competencies, and practical applications using professional software. They are convenient – start anytime and study anywhere.

At the end of our courses, diploma programs, or designations, you’ll have the competency to handle your business’ financial matters like a pro, and ask better questions too. These courses and programs are also suitable for cross-training an office manager or administrator who takes the reins in all aspects of small-business management.

Additional educational resources: DFA – Tax Services Specialist, Accounting for Business Growth and Transition, Advanced Payroll for Small Business

(1) According to the Government of Canada’s Key Small Businesses Report from 2016, there are 1.14 million small businesses in Canada (classified as having one to ninety-nine employees).

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