Ottawa holds steady on auto deduction limits and expense benefit rates for businesses

On December 24, 2015, Finance Minister Bill Morneau announced that, subject to two changes, the income tax deduction limits and expense benefit rates that applied in 2015 when using an automobile for business purposes will also apply in 2016. The two changes for 2016 are: The limit on the deduction of tax-exempt allowances paid by […]

Why business record-keeping matters–A KRP case study

Comprehensive record-keeping is a major challenge for many entrepreneurs. After all, most business owners are so busy running their organizations that taking the time to document minutiae such as travel time to client meetings becomes a burden—and a task that many inevitably neglect. But as one recent engagement with a KRP client proves, doing so […]