Author: m7grp

Hello, First-Time Home Buyers! 👋🏼If you're dreaming of owning your first home, you've likely come across various savings plans designed to help you get there. Among these, the First Home Savings Account (FHSA) stands out as a powerful tool. If…

Why You Should Keep Receipts, Expenses, and Proof of Payments for 7 YearsOne essential aspect of financial management as a business owner or self-employed individual is maintaining thorough records of your transactions, including receipts, expenses, and proof of payments. At…

Understanding Audit and Reassessment Time LimitsIn most cases, the CRA has a standard window of three years to audit your tax returns after they’ve been assessed. This period is calculated from the date on your Notice of Assessment. During this…

One of the most frequently asked questions we get as a tax consulting firm is, "Does the CRA have access to my bank account?" This is a crucial concern for many business owners, especially during an audit. The answer is:…

Receiving an audit notice from the CRA can be one of the most stressful experiences for a business owner. The thought of combing through financial records, responding to countless inquiries, and worrying about potential penalties can leave anyone feeling anxious.…

In the world of business, even small mistakes can lead to significant financial repercussions. One such error—incorrectly recording business expenses under a personal name—almost cost our client $120,000. However, thanks to our thorough understanding of the tax code and a…

The Challenge: CRA Audit and a $3,000 Demand At M7 Group, we pride ourselves on our expertise and dedication to ensuring our clients achieve the best possible outcomes when dealing with the Canada Revenue Agency (CRA). One of our recent success…