Tag: GST

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Understanding the CRA Unreported Income Formula: Accounting for GST/HST and Changes in A/R

Why should a business owner be concerned about their account’s receivable balance during a tax audit? The answer to this question has to do with how the Canada Revenue Agency (“CRA”) normally calculates unreported income while performing a factual audit. CRA “Unreported Income” Formula In most scenarios, the CRA auditor starts collecting data for the […]

Written by Editor

Completing a GST/HST Return with Spreadsheet-Based Method Data

When preparing returns from poor or damaged corporate records, several forms of data reconciliation are required. As previously described, the spreadsheet-based method is a useful tool for preparing certain data reconciliations. In its first form of reconciliation, the spreadsheet-based method focuses on the preparation of financial statements, specifically the income statement and balance sheet. Financial […]