Tax planning is one process that you prepare for from the very beginning of a financial year. The preparation starts from the time when you save the very first receipt of the transaction that takes place in your business. Saving every receipt and other business financial statements is necessary when paying your taxes. However, the common question on the minds of many is that for how long you keep your business tax returns records. Let us find that out through this article.
What Business Returns to Keep?For the taxation process of a business, the Canadian Revenue Agency (CRA) has defined the need for the following document:
There are situations where you might have to hold on to your business tax returns for longer. One such situation is the tax objection appeal. A tax objection appeal is filed by a person when they think that the CRA was unjust with the documented facts and applied a wrong tax law on them. In case you have filed for such an appeal, it is recommended that you hold onto your business tax returns until the appeal and the matter which is raised is cleared.
Another important aspect to keep in mind is that disposing your business tax returns before six years is not a decision to take on your own. As per the CRA, if you wish to dispose your records before six years, you need to get a permission of the tax service director. Also, if you dispose them before six years without a permission, then you can be prosecuted by the CRA. So if you need more clarity on how to go about the process, get in touch with our tax experts.
Every year, women entrepreneurs generate over 10,000 job opportunities. At the same time, Canada has become a hotspot for woman entrepreneurs. By 2011, women small and medium sized businesses contributed about $148 billion to the Canadian economy and this continues to increase.
So, if you are a woman entrepreneur, or you plan on becoming one, there are various opportunities available to you in Canada and Alberta that you must leverage on.
WECAN, or Woman Entrepreneurs Connecting and Networking, is the largest woman entrepreneurial support and network group for women in Canada. From offering amazing information on entrepreneurship to hosting events, WECAN has a lot to provide. Experienced woman entrepreneurs can volunteer, and the Woman mentorship program offers amateur woman entrepreneurs the advice and guidance needed.
Woman’s Enterprise Centre
Woman’s Enterprise Centre offers a whole range of entrepreneurial help from training to mentorship. They also have a special section on Small Business Loans for Women that can be of help. It’s not difficult to apply and will definitely assist in boosting up the business.
There are many commercial banks that have special offers, and Royal Bank of Canada is one of them. RBC has done quite a lot to encourage women entrepreneurship. It does this by offering an entrepreneurship resource centre on the site, various workshops and training programs, funds. The bank also hosts a variety of Canadian Women Entrepreneur Award.
aWe, or Alberta Woman Entrepreneurs, is a local entrepreneur group in Alberta. They mainly specialize in two areas offering training to women entrepreneurs and loans. In training, they have a start-up workshop, a performance learning series and even offer special programs to aboriginal woman. Loans are offered up to $150,000.
Women in Business Resource
Organized by About.com, this is a great place to get inspired, stay motivated and learn about what you can do as a woman entrepreneur.
Canada Small Business Financing Program
This is a financial program offered by the government to all small business owners, including women. Women entrepreneurs can gain access to $1 million in funds.
Women entrepreneurs are making large headways into the Canadian economy. If you’ve got an idea that will click with the market, don’t hesitate. Dive into the market and let these resources help you.