Are you hoping to never miss a corporate filing deadline? Canada Revenue Agency (CRA) has a number of dates and deadlines of importance to corporations. Failure to comply with these deadlines may raise a red flag with CRA, which in turn may trigger an audit.
Archive for Canada
What is a Director’s Liability?
As a Director of a Corporation you are responsible for ensuring the entity makes the appropriate filings and remittances of amounts held in trust to the Canada Revenue Agency such as GST/HST and payroll deductions.
What is an EIN (Employer Identification Number) and why do I need one? Or why would I not want to have one?
The EIN is the United States of America (USA) equivalent of a business number. It is the number used to identify a business in the USA for federal taxation.
What are Capital Assets on a Balance Sheet? The Capital Assets category appears under Long Term Assets on a Balance Sheet. It is also referred to as Property, Plant and Equipment. This section is comprised of various property such as buildings, machinery, computers, vehicles and other equipment.
What are Prepaids on a Balance Sheet? The Prepaids category appears under Current Assets on a Balance Sheet. Prepaids represent expenses that are paid in advance for a future period.
The Inventory category appears under Current Assets on a Balance Sheet. It is a common category used for companies from the manufacturing and distribution sector. Inventory is comprised of raw materials, work in progress (WIP), and finished goods.
The WCB manages workplace insurance for employers and workers. In Canada, each province and territory has its own WCB that is a statutory corporation created by the provincial government.
This post deal with “Accounts Receivable” on a Balance Sheet. The Accounts Receivable category appears under Current Assets on a Balance Sheet as it is expected that amounts outstanding will be collected within one year. It represents funds that a company has a right to receive because it has provided customers with goods and services.
What is Cash on a Balance Sheet?
The Cash category appears under Current Assets on a Balance Sheet. Most companies have bank accounts which they use to keep a record of their deposits and payments. Cash generally includes all bank accounts and petty cash.