Xero is an excellent and intuitive accounting software we are in partnership with and many of our small and medium sized business clients find it very useful. Both Quickbooks Online and Sage are great tools, as well.
You may wonder what kind of paperwork to retain and provide for your tax preparer at the year end. Attached is a handy checklist to help you organize your business for the big event! You are always welcome to contact us if you have any questions.
Understanding your responsibility as an owner and keeping an accurate logbook of business travel (maintained for an entire year) is the best evidence you can have to support your motor vehicle expense claims. Using a mileage tracker app such as MileIQ can help simplify the process.
The CRA will never contact you and demand personal or financial information regarding outstanding taxes or receiving a benefit. Please see the CRA website for helpful information to protect yourself from fraud.
