Could Your Software Get You Into Trouble With the CRA?
With today’s modern technology especially with the internet and its related products, it is not too difficult for an unsuspecting individual to find themselves in trouble with their accounting matters and even the CRA.
Almost everyone wants to save a buck or two whenever they can, and when it comes to taxes anything that can create a tax break is most welcome. The problem is though are those tax breaks legal?
There is tons of software available on the market to help people with their financial accounting, and yes, even their taxes. While this may seem wonderful as a time saver, and may appear that it can save you tons in tax dollars, buyer beware! Some software could be designed to cheat the tax system, and the Canada tax government is not too impressed with this.
There is actually software that has been created and is being used as a means of supressing sales information. The law is clear on the responsibility of the business tax payer when it comes to proper bookkeeping and this includes any electronic accounting records. There is no doubt that keeping track of the financial records is mundane and time consuming. It doesn’t have to be that way if you make use of quality Toronto bookkeeping services. These are the experts that know how to keep financial records that accurately portray the financial workings of your business. At the same time when these services are combined with what a Toronto Accountant can offer you then you are going to get the tax breaks that you are legally entitled to.
Some of the shady software that is currently on the market has a system built into it that deletes selected sales transactions from the electronic records, so there is no trace of the sale. This is a very dangerous game to play. You could be technically withholding tax information that could end up getting you into serious consequences.
Several things can go wrong with accounting software, especially when its electronically ties in with your sales platform. A flaw in the program could produce the wrong information, it could crash with no backup, and simple user errors could be catastrophic.
Save yourself a bunch of headaches and possibly from getting into big trouble with the CRA, by using the Toronto bookkeeping service combined with the Toronto accounting services that we have to offer you here at (416) 398-1700.