Ke Wang Professional Corporation

🚨𝐂𝐑𝐀 𝐀𝐮𝐝𝐢𝐭: 𝟖 𝐂𝐨𝐦𝐦𝐨𝐧 𝐑𝐞𝐚𝐬𝐨𝐧𝐬 - 8 𝐍𝐨𝐧-𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐰𝐢𝐭𝐡 𝐂𝐑𝐀 𝐑𝐞𝐪𝐮𝐞𝐬𝐭𝐬 Before an audit, the CRA often sends you a letter requesting specific information. If you fail to comply with the CRA's request, you risk being audited. However, if the CRA's requests seem excessive, consult with a tax lawyer to minimize the risk of future audits. #CRA #Audit #taxreturn #comapny #Tax #corporation #smallbusiness

“Wondering how cloud accounting works? It’s simple. You can access your financial data in real-time from any device. Say goodbye to clunky software!” With Xero, we’ll help you: ✔️ Automate bookkeeping ✔️ Access real-time financial data ✔️ Collaborate remotely with your team and accountant #CloudAccounting #TechForBusiness #CloudAccounting #TechSolutions #BusinessGrowth #CPA #BusinessEfficiency #qbo #Xero #CloudBased #AccountingEvolution

𝐖𝐡𝐲 𝐝𝐨 𝐩𝐞𝐨𝐩𝐥𝐞 𝐡𝐚𝐯𝐞 𝐭𝐨 𝐩𝐚𝐲 𝐭𝐚𝐱𝐞𝐬 𝐨𝐧 𝐬𝐭𝐨𝐜𝐤 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐰𝐢𝐭𝐡𝐢𝐧 𝐭𝐡𝐞𝐢𝐫 𝐑𝐑𝐒𝐏 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬? 𝐈𝐬 𝐭𝐡𝐞 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 𝐠𝐚𝐢𝐧 𝐨𝐟 𝟓𝟎% 𝐢𝐧𝐜𝐥𝐮𝐝𝐞𝐝 𝐢𝐧 𝐢𝐧𝐜𝐨𝐦𝐞, 𝐨𝐫 𝐢𝐬 𝐢𝐭 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐞𝐝 𝟏𝟎𝟎% 𝐭𝐚𝐱𝐚𝐛𝐥𝐞 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐢𝐧𝐜𝐨𝐦𝐞? The determination of whether stock trading within an RRSP is taxable typically hinges on a variety of factors including: trading frequency, the purpose of holding the investments, whether it's a primary source of income requiring significant dedication, the individual's experience and skill in trading, whether they're advising others on trading, whether they're using borrowed funds, whether they're advertising their trading activities, and the types of securities traded. This assessment is often subjective and requires a comprehensive analysis. Just like in business or relationships, the stock market is filled with ups and downs. After navigating its challenges and finally making some profits, individuals may face the added hurdle of tax implications. One of the most contentious issues between taxpayers and the tax authorities is the classification of income. #CRA #Audit #taxreturn #comapny #Tax #corporation #smallbusiness #stock #taxes #capitalgain #income

Tip of the Day 💡 Tip of the Day: Use QuickBooks Online to track expenses in real-time and never miss a receipt again! Curious how? DM us for details! #CloudAccounting #TechSolutions #BusinessGrowth #CPA #BusinessEfficiency #qbo #Xero #CloudBased #AccountingEvolution

Are you looking to start a business in Canada but unsure of the best way to structure it? At 𝐖𝐚𝐧𝐠 𝐊𝐞 𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥, we have the expertise and professionalism to help you navigate the process with ease. Our team is dedicated to providing reliable and accurate guidance to our clients, ensuring that their business needs are met with precision and care. A sole proprietorship is the simplest form of business structure, where the business is owned and operated by one individual. This means that the owner has complete control over the business and receives all the profits, but they are also personally liable for any debts or liabilities incurred by the business. On the other hand, a partnership involves two or more individuals who share ownership of the business. Partnerships can be general (where all partners have equal authority and responsibility) or limited (where there is a distinction between managing and non-managing partners). Partnerships offer shared responsibility and expertise, but also entail shared profits and liabilities. Understanding the nuances of these business structures is essential for making an informed decision that aligns with your business goals and aspirations. At Wang Ke Professional, we can guide you through the process of business registration, ensuring that you have a solid foundation for success. #WangKeProfessional #BusinessRegistration #CanadianBusiness #SoleProprietorship #Partnership #ProfessionalGuidance #BusinessStructure

💡 Why Move Your Accounting to the Cloud? 🌐 Tired of piles of paperwork? Our cloud-based accounting solutions simplify everything! Access your financial data anytime, anywhere, and ensure you’re always up-to-date. ➡️ Save time. ⏰ ➡️ Reduce errors. 📉 ➡️ Increase efficiency. 📊 Message us to learn more! #CloudAccounting #TechSolutions #BusinessGrowth #CPA #BusinessEfficiency #qbo #Xero #CloudBased #AccountingEvolution

🚨𝐂𝐑𝐀 𝐀𝐮𝐝𝐢𝐭: 𝟖 𝐂𝐨𝐦𝐦𝐨𝐧 𝐑𝐞𝐚𝐬𝐨𝐧𝐬 - 𝟏 𝐈𝐧𝐜𝐨𝐦𝐞 𝐃𝐢𝐬𝐜𝐫𝐞𝐩𝐚𝐧𝐜𝐢𝐞𝐬 Your income will be compared across all tax returns. This means the income you declare on your income tax return will be cross-referenced with your GST/HST return, your spouse's return, and returns provided by your employer, financial institutions, and third parties. If your tax return doesn't align with other information the CRA receives from third parties, it's likely to trigger a CRA audit. #Business, #startup, #CRA, #Audit, #taxreturn, #comapny, #Tax #Corporation

🔍 Is Your Accounting Future-Proof? 🔍 Don’t get left behind! Moving to the cloud means security, flexibility, and real-time access to your numbers. At Ke Wang CPA, we make the transition easy, so you can focus on what matters—growing your business. ✅ Secure & Efficient ✅ Real-Time Financial Insights Contact us now for a seamless switch to the cloud! #CloudAccounting #TechSolutions #BusinessGrowth #CPA #BusinessEfficiency #qbo #Xero #CloudBased #AccountingEvolution

🚨𝐂𝐑𝐀 𝐀𝐮𝐝𝐢𝐭: 𝟖 𝐂𝐨𝐦𝐦𝐨𝐧 𝐑𝐞𝐚𝐬𝐨𝐧𝐬 - 2 𝐈𝐧𝐜𝐨𝐦𝐞 𝐀𝐛𝐨𝐯𝐞 𝐨𝐫 𝐁𝐞𝐥𝐨𝐰 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬 The CRA has profit margin and income information for various industries, which they use to compare with your income. If your income is significantly higher or lower than the industry standard for your business, it is likely to attract their attention. #Business #startup #CRA #Audit #taxreturn #comapny #Tax #corporation #smallbusiness

👍📈 Success Story: Average our clients cut their bookkeeping time by 40% after switching to Xero with our help! Want to save time too? Let’s chat! #CloudAccounting #TechSolutions #BusinessGrowth #CPA #BusinessEfficiency #qbo #Xero #CloudBased #AccountingEvolution