More often than not, small business owners such as yourself forget to obtain the receipt after making a business transaction. Receipts are generally required to substantiate an expense in front of the CRA. Forgot to obtain a receipt? Don’t worry, we are here to help!
Here at CPA4IT, we make use of advanced cloud-based tools like QuickBooks Online and Receipt Bank to simplify your receipt management.
Can you write your own receipt?
If you forget to obtain a receipt, you should write a receipt from yourself to your business in as much detail as possible. This is not the most advisable documentation, but Canada Revenue Agency has allowed this if the expense is reasonable under the circumstances and you have attempted to be as accurate as possible.
Receipt Bank – What are the benefits?
Receipt Bank is a cloud-based service for collecting, processing, and publishing your receipts and invoices. All you need to do is snap a picture of your receipts and upload it on the Receipt Bank app. The data from your receipt can be stored for future use as well. Seems a little intimidating? Don’t worry, we are here to guide you every step of the way! CPA4IT has partnered with Receipt Bank to ensure that our clients can easily utilize this tool for collecting and storing their receipts. Say goodbye to saving annoying bits of paperwork in your pockets!
Why do you need a tax professional?
Your receipts are an important part of your tax filing. It is important to retain a tax professional who is experienced in representing you and negotiating with the CRA. CPA4IT has a team of expert accountants who ensure that your tax filing and receipt management is compliant with the rules and regulations of CRA. We also provide Audit Protection services to our clients and defend their deductions in case of any dispute.
If you are a small business owner who is looking to keep more of your hard-earned money, it is extremely important to consult with an expert accountant who specializes in your niche. Our industry knowledge and unique Audit Protection Service can help you maximize your retained earnings so that you can transform your wealth into a legacy. For more information, book a free consultation with our experts!