Canada Revenue Agency (CRA)

When a vehicle is used partially for business purposes and partially for other purposes, the expenses relating to its use must be apportioned. Only those expenses relating to the business travel or commercial activity are considered eligible for a business deduction and for input tax credits on GST/HST. The proration in such cases is done based on the distances driven. To support a deduction or claim, the person must know and be able to demonstrate the distance travelled for business purposes and commercial activities.

This change is a move to increase the efficiency of government while also delivering service and value to taxpayers. This change is also consistent with other leading tax administrations. More than 90% of corporate tax filers produce their returns using commercial software today, so this is about how they transmit the information to the CRA. Having large corporations make use of available technology not only makes good business sense, but it also supports sustainable development.

The law allows Statistics Canada to access business taxpayer information collected by the Canada Revenue Agency (CRA). Statistics Canada can now share with provincial or territorial statistical agencies, for research and analysis purposes only, data concerning business activities carried out in their respective province or territory.

The underground economy typically involves commercial activity that is unreported for tax purposes. It is of concern to the CRA, as well as all provincial, territorial and municipal jurisdictions, and all law-abiding businesses and individuals across the country.

Cash payments you receive are subject to GST/HST and you have to report them on your annual income tax return. Failure to do so is tax evasion, which has serious consequences.

Basic information on how GST/HST works, what is HST, place-of-supply rules, what we mean by taxable, zero-rated, and exempt supplies, importing and exporting, buying or selling a business.

When selling your business or even part of your business, there are things that you need to know. The following information will help you in the sale of your business.

There is currently global convergence towards a single set of high quality accounting standards for use throughout the world. Accordingly, the Accounting Standards Board of Canada has adopted a strategic plan to adopt International Financial Reporting Standards (IFRSs) by publicly accountable enterprises in Canada.

If you are carrying on a business or engaged in a commercial activity in Canada, you are required by law to keep adequate records.

Always get receipts or other vouchers when you buy something for your business.