If you operate a small business in Canada, it is important for you to track all revenue streams and business expenses to make sure that you have enough cash on hand. Maintaining proper financial records will help you analyze the financial state of your business. With proper bookkeeping, you can prepare the CRA taxes and also able to see the patterns and draw comparisons on the current year and the last year's financial figures. In this way, you would be able to identify areas where you can reduce costs. The data comparisons on different cost elements of your business will help you re-strategize and make adjustments to ensure you stay on top of your business. Moreover, keeping financial and tax records is mandatory by law for at least six years. Archiving corporate financial records both on paper and in digital form can have additional security.
Audits and appeals
Historical accounting and compliance catchup
Personal Taxes play a crucial role in funding government activities and public services. They provide the necessary revenue for public infrastructure, education , healthcare , defense, and social programs. Taxes also contribute to wealth redistribution and economic stability, helping to reduce inequality and support those in need. Additionally , they help maintain law and order by funding law enforcement and judicical systems. Overall, personal taxes are essential for a society .
Lifetime Capital Gains exemption