The Schell & Associates Accounting Blog

What Personal Records Can The CRA Legally Investigate During A Business Audit?

CRA Audit

If your business has been selected by the Canadian Revenue Agency (CRA) for an audit, there are a large number of documents and records that they will require from you during their investigation. For the most part, it will focus on business-related documents: receipts, accounts, bookkeeping, and so on. It’s important to note, however, the […]

Income Tax Audits: How Long Do I Have to File An Objection?

income tax audit

If you have filed your income taxes in Canada and have received a notice of Assessment, Re-Assessment, Determination, or Redetermination, you or your representative are allowed to file an objection in order to dispute them. It is wise to take some time to gather all relevant facts, documentation, and reasons for your dispute. However, there […]

Calculating The Net Loss Or Profit For Your Business Tax Return

business tax return

It’s getting to the end of tax season. Doing your taxes if you are self-employed or run a business can be a lot more complicated than doing your personal taxes. One of the main things you need to do is to calculate the net profit or loss of your business, as that can have a […]

Federal Budget 2017: How Are Taxes Different Now?

federal budget

On March 22nd, the Canadian Liberal government released their new federal budget for 2017. It is designed to elaborate on the spending and tax policies that the government will focus on for the year. If you want to know what changes were made to federal tax policy that might affect you or your business, we […]

Guide To Paid-Up Capital For U.S. Businesses in Canada

paid up capital accounting

When an American business establishes a subordinate branch in Canada, or when they acquire a Canadian business, it is important for them to maximize their paid-up capital. Paid-up capital is the amount of tax-free capital that the company can return to their shareholders. When it comes to the relationship and transactions between shareholder and company, […]

The Future Of Accounting: New Technology Means New Opportunity

Technology continues to evolve throughout all aspects of life, and for accounting it is no different. As technology grows alongside accounting businesses, new methods and practices develop that can create huge new opportunities that never would have existed before. But, these changes are coming so fast now that it can be hard to keep up. […]

2017 Income Tax Tips: What’s New This Year

2017 Income Tax Tips

It’s getting close to tax season for 2017, and as always there will be some differences in how income tax works compared to previous years. If you want to get a head start on your income taxes, it’s good to know what rules are new, what’s changed, and what’s been completely removed. Here’s a guide […]

Estate Planning and Wealth Management Strategies for 2017


With a new year comes new sources of financial stress — new jobs, new mortgages, new kids, and new expenses. If you don’t have proper planning in place to assist you in handling your money, assets, and estate, then any road bumps will hit you far harder than they would normally. That’s why it’s so […]

Assurance Services: How Improving Your Information & Decision Making Can Help Your Business


Assurance services are one of many types of services that Chartered Professional Accountants (CPAs) can provide for businesses. If your business needs more information or to interpret data to help make a tough decision, then assurance services is what you need. What Are Assurance Services? Assurance Services is a service provided by CPAs, and involves […]

Tax Tips For Your Home-Based Business


Running your own business can be incredibly stressful even before tax season. You have a lot of work to keep it running and making money, but keep in mind you’ll also have to keep up with doing your taxes. For your Home-Based Business (HBB), you might not realize that there are a number of ways […]