GGFLCRA

CRA Archives

Search the full library

1 of 1
Close up of pen filing in dollar amount on cheque
January 19, 2024 Article

CRA Imposes Penalty for Cheques

If writing a cheque is your preferred method of paying CRA, you might want to rethink that approach if you owe the government $10,000 or more. In an effort to encourage more electronic payments, CRA will soon be imposing a penalty of $100 for all payments of $10,000 or
Read more

Illustration of business man on road going up to dark clouds.
July 13, 2023 Article

CRA Interest Rates: The Growing Cost of Late Tax Payments

UPDATE: As of January 2024, the CRA interest rates charged on late tax payments is 10%. The interest rate on prescribed rate business loans has risen to 6%. Rising interest rates aren’t just impacting mortgage rates and other loans, they are also impacting the cost
Read more

Woman checking financial figures on computer screen
January 18, 2022 Article

Simplify Tax Season Through Your CRA My Business Account

As we approach tax season, there is one simple, but important step business owners can take to help make their filing and on-going interactions with CRA easier and more efficient. With just a few steps, you can authorize GGFL to speak with CRA on your behalf and
Read more

Avoid CRA Audits
November 3, 2017 Article

How to Avoid CRA Audits: Staying Under Their Radar

There are ways to stay below the Canada Revenue Agency’s (CRA) radar and, aside from correct and iron-clad calculations on tax returns, being proactive is chief among them. The trick, through proper planning and review, is to avoid sending them an invitation to do
Read more

Personal Services Business (PSB)
November 3, 2017 Article

Personal Services Business – Avoid the Trap

The last thing you want when you incorporate your business is for the Canada Revenue Agency (CRA) to label you a personal services business (PSB). If CRA determines an incorporated individual working as a contractor is just an employee of the company they are
Read more

1 of 1
green-chevron

Let’s Connect

Reach out today to discover the
opportunities behind your numbers

Contact Us
bordered-eclipse