Five Factors That Attract The Attention Of A CRA And Set Your Business For Tax Audit

Every taxpayer in Canada dreads receiving the Tax audit advisory from the CRA. The tax audit is a lengthy process which may drag anywhere from a couple of months to years. Facing a tax investigation audit involves a lot of time and money. The taxpayer has to pay for all the costs incurred during the procedure, which results in huge financial burden on him.

While the CRA can select any individual or business for an audit, here are the ten factors that might increase the risk. It is advisable to cover yourself or your company with an investigation insurance or tax audit protection to protect yourself from the huge financial strain of tax audit. The insurance cover pays for all the professional costs incurred during the process of the audit.

  1. The CRA may pick up businesses and taxpayers with revenue discrepancies in different tax forms. They compare the revenue in income tax form with that in the GST or HST returns, with information provided on employee’s tax returns and information provided to banks and financial institutions. If there are any discrepancies in the revenue. The CRA may initiate an investigation. Business are advised to buy sufficient investigation insurance to cover all the professional costs involved in the process of tax audit.
  2. Declaring higher or lower income than the industry average may attract the attention of the CRA. The agency has lots of information about the average profit/loss margin for different industries. Any return which does not match the criterion might be picked up for investigation.
  3. Claiming huge deductions for office expenses is a sure shot way to draw the interest of the CRA. While there are many deductions allowed by the CRA for operating a business, like advertising and promotion expenses, travel expenses, meals and entertainment expenses etc. any huge deductions will immediately raise a red flag.
  4. Reporting business losses for consecutive years and using them for offsetting other incomes will attract the CRA audit.
  5. Cash-incentive businesses are under constant scrutiny by the CRA. If you own any of the cash incentive business like construction, hotels, salons, restaurants etc. speak to your accountant about the investigation insurance to cover all the professional costs of a tax audit.

Here’s How Knightsbridge FX Provides The Best Foreign Exchange Currency

If you have to go to another country or need to visit it frequently whether for personal or business trip, you need to enjoy various attractions that this new country can offer. If you’re out for great food, you’ll likely visit the exquisite restaurants of the country. You can also explore the country’s various cultures in the main cities and towns. However, you need to spend some dollars to finance your trip to this new country. You need to find a currency exchange center that can give you the best currency rates like Knightsbridge FX.

In your search for a currency exchange, you need to remember few things. First, you need to track down mid-market exchange rates. This is essential as exchange rates can shift up and down. The most efficient way of monitoring them is to use an online currency converter.

Next, you need to be keen for hidden charges. You’ll never get the same rate that the mid-market rate can offer when exchanging currency in currency exchange service providers. They usually offer less favorable rates. Many currency exchanges will load their commission into their exchange rates. Therefore, you need to determine a service that can least provide you with fees and you can try Knightsbridge FX for this purpose.

The last thing you need to be aware of are airport and hotel currency exchange services. They may seem convenient but the rates offered by these exchanges are typically lesser with higher fees. You can try to look around further aside from your hotel or airport for possible options for the exchange services.

You may also withdraw foreign currency using the automated teller machine when you’re abroad. However, it doesn’t mean that banks don’t charge you with hidden fees from the ATM services. Before you leave, ask your local bank on the possibilities of being charged and how much. Also ensure that you spend all the cash before coming back home.

To conclude this article, you need to prefer foreign exchange services like Knightsbridge FX that are honest with their fees and can give you an expert information about current mid-market rates. It’ a way to compare various exchange providers and which ones are the most suitable.


How To Choose The Best Courier Company?

In a business, time is very essential. With the infinite demand of goods from society, all of the transactions must be doneas soon as possible. If you’re a businessman, you must know the essence of time. All important messages, business documents, packages, parcels, manufacturing supplies that are time sensitive need to be delivered and transported on time. Certainly, if you want your things to be delivered on the exact date you have planned, you have to have the best courier company to do this task.

In today’s market, you will find lots of courier services available. You might be looking for a courier company that will deliver and transport your good by choosing the best ones for your needs. You need to choose the best courier service that can provide you an honest and reputable service.

In choosing the best courier service, you need to know if they are legal and licensed. You need to be assured that the items you entrusted to them will reach its destination. If it didn’t, then it is your loss not theirs. Besides being licensed, the courier need to provide a bond to ensure that everything is done in good service.

The next tip to picking the right courier is to have a courier service that has made various deliveries to a specific destination where you have your items transported. You need to discover that they have a carriage system to ship to your target place. If your item needs to be delivered for a specific time, you need to be assured that your shipment will reach its destination on that time.

When assessing the courier company and their services, you need to evaluate the offered service if it attains the correct and exact service you need as well as the budget needed for the shipping. You need to evaluate the rates for every shipment so that it meets your budget. If you want to compare prices and features, you can check out the differences online and compare them. This will help you decide the courier services you need to avail.

Courier services are really a boom in today’s world of economy. They are the courier company that is responsible for the transport of items, products and other important documents to a desired destination. You just need to choose them carefully before considering them as your courier.


China’s Retaliatory Tariffs Will Be Hitting Lobsters, Soybeans, With More To Follow

After President Donald Trump set new tariffs on imports into the US, countries have responded in kind with their own economic legislation, which has affected many businesses; many a logistics company and even breweries have felt the hit. China, in particular, retaliated with raised import duties on tens of billions of dollars worth of the US’s imports, which include, but are not limited to lobsters, soybeans, electric vehicles and whiskey.

Beijing issued a statement on the 9th of June, that it was only responding in ‘equal scale’ to the Trump’s new tariffs, which affected Chinese goods, as part of a conflict regarding China’s estimated $336 billion trade surplus and technology policy that some companies in the globe worry that could escalate and freeze economic growth across the world.

The new duties were put in place after Trump warned of ‘additional tariffs’ should Beijing set retaliatory duties on American goods. The new duties amounted to 25% on about $50 billion worth of US imports. The new China tariffs announced by the Trump presidency will not include the full $50 billion, at least initially.

According to US Trade Representative Robert Lighthizer says that the US’s new punitive duties applied to 818 Chinese products, with a total value of $34 billion, on the 6th of July, with a second list, totalling to about $16 billion, under consideration under a new review process, which will bring the total affected import value up to $50 billion.

Beijing’s countermeasures resembled Washington’s, affecting 545 American exports, with a total value of $34 billion, affected with punitive duties as of July 6, which include agricultural products and vehicles, which will affect many a logistics company and other businesses, with many fearing a trade war.

The Ministry of Finance detailed that the 545 products included, but are not limited to electric cars, orange juice, salmon and cigars, among others. The Chinese government has said that they don’t desire a trade war, but they have to fight back against the tariffs.

Currently, Chinese regulators are considering increased tariffs on an additional 114 products, with the list potentially including energy products and medical equipment, with the decision still pending.

Naturally, with US and China having the world’s largest trading relationship, many are saying that a trade war would be bad, not just for the US, but for the global economy as well.


Stay At The Luxurious Beach front Resort In Karon For An Unforgettable Phuket Experience

Phuket is a beach destination and tourists visit the city from around the world to enjoy the unspoilt and serene beaches and off-shore islands in Phuket. The city also has a number of tourist attractions to cater to different age groups. The city is gaining popularity as a family holiday destination as more and more families include Phuket in their Thailand itinerary.

Families looking for a beach vacation can stay at the beautiful beachfront luxury resort in Karon, which has the best location. The resort is located in close proximity to the Karonbeach amidst the lush green rainforests. The resort is close to the Patong beach, the most preferred nightlife destination in Phuket.

The modern beachfront luxury resort in Karonoffers the best amenities to the guests. The experienced and star rated chefs at the three restaurants in the resort serve a variety of cuisine like the Chinese, Portuguese and Thai. Enjoy the scenic views from the rooftop restaurant while savouring the delectable menu. Guests at the luxury resort in Karoncan enjoy a cool dip at the serene pool and enjoy signature cocktails by the expert mixologists at the pool-side bar.

If are feeling lazy and no mood to go out, enjoy a relaxing massage at the spa of the luxury resort in Karon, which offers the best professional massages in the city. Enjoy a relaxing session of aroma therapy or rejuvenate your body and soul with a soothing Thai message. The fitness centre at the resort has all the modern machinery required to sculpt your body.

The spacious and modern rooms at the beachfront resort feature huge private balconies offering exhilarating views of the scenic background. All the rooms and suites feature a Sino-Portuguese theme, which displays the rich cultural history of the city. Guests can enjoy modern in-room amenities like minibar, refrigerator, smart television, safety lockers, in room telephone, rain showers and bath tub in the bathroom etc.

If these reasons are not enough to motivate you to stay at the beachfront luxury resort in Karon, check out the attractive offers provided by the hotel. The unmissable promotion offers at the resort enable you to enjoy top class luxury at attractive prices.


What Leonardo González Dellán Thinks About Too Fast Expansion

Here are some famous stories about fast food franchises that didn’t hit big in South America. This is how Leonardo González Dellán expectedwhen the fast food business didn’t get the public’s attention.

Baja Fresh

In the early 2000, Baja Fresh became a prey of over-zealous expansion. The fast food restaurant was on a slow and steady path of success until Wendy’s purchased them out in 2002 for a reported $275 million. After that sale, Baja Fresh turned out a fast and large push of national expansion. However, the corporation lost track of its owner’s original business model and centered too much on how to expand as fast as possible. A little over a year later, the same store sales figures began to drop. In 2003, they suffered a 4.6% drop which followed a 6.4% drop in 2004. Despite attempts from Wendy’s to convert the restaurants into a fast food location, there sales continued to decline. In 2006, Wendy’s efforts were a bit too late so they had to sell Baja Fresh to a private investor for only $31 million.

Krispy Kreme

Krispy Kreme Doughnuts used a combination of high quality products and low cost marketing to attract followers. The expansion started slow and visualized stock prices rising high in only some years. They were even enlisted as one of America’s hottest brand by fortune magazine in 2003. This is what Leonardo González Dellán expected for the food business. Unluckily, the company went public and began to expand too much too soon. While appealing to their investors, the company reduced its cult status by opening several locations and licensing donuts to gas stations and grocery stores. Within only few years, several of its franchised units were forced to shut down with the company’s profits intensely dropping.

Boston Market

Whenever an article is written about the hazards franchisors experience during expansion, Boston Market is often included. In 1993, Boston Chicken, which then changed their name to Boston Market, went public and focused more on national expansion. However, the company lost sight of their goal to provide chicken in casual setting and instead focused on increasing their profits. They modified their name to Boston Market and included non-chicken items in their menu to appeal more customers. Eventually, in the later part of the 1990s, the food chain filed for bankruptcy,which was then purchased by McDonalds.