What is the Right Level of Assurance for your Business

There are three types of reports that can accompany a business’s financial statements. The purpose of these reports is to assure the reader that the statements are free from material misstatements. These are An Auditor's ReportA Review Engagement ReportA Notice to Reader or Compilation Engagement 1. An Auditor's Report The goal of an auditor’s report…
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10 Things that Might Increase the Risk of a CRA Audit

Paying attention in the following areas can decrease the risk of getting an audit notice from the CRA. 1. Being Outside the Normal Range What this means is that the CRA has extensive information on the income of various businesses. So if you declare income that is greatly more or less than the norm in…
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Potential Tax Implications in the Federal Budget 2019

Here is a summary of some of the changes announced in the Federal Budget which was presented on March 19, 2019. 1. Interest Rates and Repayments for Canadian Student Loans In 2019-2020, the interest rate on Canada Student Loans will be lowered to Prime while the fixed interest rate will be lowered to Prime plus…
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