m7grp, Author at M7 Group

25 de August de 20243 de September de 2024Bookkeeping, Taxesm7grp

$80k in Tax-Free Savings with FHSA

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…

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25 de August de 202426 de August de 2024Bookkeeping, Taxesm7grp

M7 Tax Tip: Why You Should Keep Receipts, Expenses, and Proof of Payments for 7 Years

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…

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22 de August de 202427 de August de 2024Bookkeeping, Taxesm7grp

When Can You Relax About Potential CRA Audits? How Far Back Can the CRA Audit Me?

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…

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21 de August de 202422 de August de 2024Bookkeeping, Taxesm7grp

Does the CRA have access to my bank account?

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:…

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18 de August de 202421 de August de 2024Bookkeeping, Taxesm7grp

Don’t Lose Sleep Over a CRA Audit! Let Us Handle It for You! 💤

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.…

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15 de August de 202421 de August de 2024Bookkeeping, Taxesm7grp

How we Saved $120k for a Client: The Importance of Proper Expense Reporting in CRA Audits

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…

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31 de July de 20248 de August de 2024Bookkeeping, Taxesm7grp

From $3k Owed to $15k Refunded: A Successful CRA Audit Outcome

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…

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31 de July de 20249 de August de 2024Bookkeeping, Software Integration, Taxesm7grp

You’re Being Audited… Now What?

"You’re being audited..." is the last thing anyone wants to hear. So, how can you make sure you’re steering clear of a CRA audit? Hearing the words, "you’re being audited," is enough to make any business owner break out in a…

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31 de July de 20247 de August de 2024Bookkeeping, Taxesm7grp

What triggers a CRA audit in Canada and what is the importance of keeping your books in order for the CRA?

You're blind if you don't know your business metrics! We have numerous clients whom we have represented, and thanks to their well-organized books, they received significant refunds. A CRA audit can be triggered by several factors, with disorganization and prolonged delays in…

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8 de July de 20245 de August de 2024Bookkeeping, Business Formation, Payroll, Software Integration, Taxes, Virtual CFOm7grp

What are the benefits of accounting services for my business?

Essential Accounting, Tax Preparation, Bookkeeping, and Payroll Services for Your BusinessMany businesses fail within their first year because owners attempt to handle everything independently. Running a successful company demands diligence and focus, and accounting, often intricate and time-consuming, exceeds the…

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Author: m7grp

$80k in Tax-Free Savings with FHSA

M7 Tax Tip: Why You Should Keep Receipts, Expenses, and Proof of Payments for 7 Years

When Can You Relax About Potential CRA Audits? How Far Back Can the CRA Audit Me?

Does the CRA have access to my bank account?

Don’t Lose Sleep Over a CRA Audit! Let Us Handle It for You! 💤

How we Saved $120k for a Client: The Importance of Proper Expense Reporting in CRA Audits

From $3k Owed to $15k Refunded: A Successful CRA Audit Outcome

You’re Being Audited… Now What?

What triggers a CRA audit in Canada and what is the importance of keeping your books in order for the CRA?

What are the benefits of accounting services for my business?

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