 Scott Park CPA, CA A common question I am often asked by entrepreneurs and those looking to create a new start-up business is whether they should start a proprietorship or incorporate?
And secondly, for those that have already started their business as a proprietorship the next question becomes when should they consider incorporation?  Scott Park, CPA, CA I recently attended a liaison meeting between the Canada Revenue Agency and the Chartered Professional Accountants of British Columbia. One matter of particular importance that was discussed was CRA’s letter campaign for 2016. In 2010, CRA began a letter campaign to inform selected taxpayers about their tax obligations and to encourage them to correct any possible inaccuracies in their past returns that they filed. The CRA felt this was an appropriate approach to educate individuals in selected “activity groups” or industries where taxpayers are at a higher risk of misunderstanding their tax obligations. 2016 marks the seventh year of this campaign initiative and they will be sending approximately 30,000 letters to selected taxpayers in early 2016.
Here’s what you need to be aware of... |