You will most likely be using a lot more technology as your small business becomes established and grows. All too often there is a learning curve that comes with this and more often than not we tend to not scrutinize the legalities of some of these resources.
There will always be people that will devote their time on how to rip off the tax department, and may turn those types of ideas into something that the general public can use to do the same. A good example of this is the tax zappers that some retail businesses have incorporated into their business which is designed to reduce the sales tax owed.
Often an innocent mistake can be made regarding new technology. There are so many different types of software programs available for doing taxes, that one may not realizing they are purchasing one that is not applicable to Canada tax.
The internet itself is a leading technology that offers a wealth of information. Many times small business owners will seek out tax related information on the web, but not take the time to source out the credibility of the information provider or even the date of the information as to whether it is still in effect. Wrong business decisions can easily be made when doing this and these decisions could affect your tax situation.
Then going beyond actual technology there is the choosing of the right type of tax preparer both during tax season and throughout the business year. It is important to rely on the right professional like a Toronto tax accountant for example, who has the proper training and credentials.
The business resources that you rely on for your business finances must receive some serious research to ensure they are not going to adversely affect your tax standing with the CRA.
