Ways to maintain proper books and records
A recent Tax Court of Canada (“TCC”) decision, Promised Land Ministries v. The Queen[1], serves as a reminder to charities of the importance of maintaining proper books and records.
record keeping requirements
Do record keeping time limits mean anything anymore?
One of the most common questions asked by the lay taxpayer is for how long they need to keep their tax records. And while there is a legislated answer for this, one wonders whether it is ever safe to destroy records.
New record-keeping requirements for Ontario corporations
While the new record-keeping requirements are relatively straightforward for corporations with just a few “ownership interests” in real property, corporations with significant interests, such as those involved in property development, face a much more onerous task. It is therefore recommended that Ontario corporations begin preparing the register as soon as possible to gather the required information and to establish a common practice.
