Ray Vedamani & Co. Inc.
202 - 9527 120th Street V4C 6S3 Delta, BC, Canada

UNREMITTED GST/HST OR SOURCE DEDUCTIONS: Directors can be Personally Liable Directors can be personally liable for employee source deductions (both the employer and employee’s portion of CPP and EI, and income tax withheld) and GST/HST unless they exercise due diligence to prevent failure of the corporation to remit these amounts on a timely basis.

COMMINGLING OF PERSONAL EXPENSES IN THE BUSINESS: Keep business and personal expenses separate. Deducting personal expenses in a corporation can lead to a very costly bill as in Tax Court of Canada case, July 23, 2020.. Read More: www.vedamani.com/2020q4-commingling-personal-expenses-busin... Does Your Business Need an Accountant? Let Ray Vedamani & Co. Inc help. We provide Cost effective and reliable tax preparation & bookkeeping services. Call (604) 589-5911 or email us @ [email protected]

REASONABLE MEAL ALLOWANCES: Rates related to travel for medical, moving expenses, northern residents deduction, as well as meal claims for transport employees, increased to $23 from $17 per meal, for a total of $69/day www.vedamani.com/2020q4-reasonable-meal-allowances-moving-m... Does Your Business Need an Accountant? Let Ray Vedamani & Co. Inc help. We provide Cost effective and reliable tax preparation & bookkeeping services. Call (604) 589-5911 or email us @ [email protected]

Accounting Services inSurrey CPP: When to Apply? Taking CPP payments later is a cheap and safe approach to receive greater secure income in retirement www.vedamani.com/2020q4-canada-pension-plan-when-to-apply/... Does Your Business Need an Accountant? Let Ray Vedamani & Co. Inc help. We provide Cost effective and reliable tax preparation & bookkeeping services. Call (604) 589-5911 or email us @ [email protected]

Canada Emergency Wage Subsidy: Maximum subsidy for period 8 (calculated using October’s revenues) of 65% would be maintained for the next two periods even though it was scheduled to decline https://www.vedamani.com/2020q4-tax-ticklers