According to the Fraser Institute’s annual calculations Tax Freedom Day for the average Canadian family falls on June 10 this year, one day later than in 2014. This day is when Canadians start working for themselves and not government.
At year end, external auditors heading into the tax department do not generally rely on internal controls to reduce testing; a great deal of effort is focused on substantively testing the income tax balances on the financial statements. Tax processes are notoriously manual in nature with numerous adjustments required to manipulate general ledger information into useable tax information. We have compiled a list of the top ten tax controls every company should have in place with the emphasis (as expected) on monitoring controls.
The three most viewed articles on HRinfodesk this week deal with the essential elements of an offer of employment letter; the changes regarding health and safety committees, representatives and training for federally regulated workplaces and changes to the online payroll deductions calculator for July 1, 2013.