Question by Josh S: Where can I get info for taxes for a small canada home-business?
I have been told with a small business you can claim taxes every 7 years. Where do I find info on this type of stuff?
Best answer:
Answer by Renee`
Hi, check with the Department of Revenue. Also, the treasury Department in your local area. If that is unsuccessful, contact the place that gave you the small business license in the beginning. Hope that helped.
Tax Specialist in Chicago, IL
What do you think? Answer below!
You can get info from the CRA (Canada Revenue Agency) website. The guide you are looking for is called Guide for small businesses. However, I do not know who told you about the 7 years thing, but it is wrong. You must file every year and remit GST either monthly, or quarterly, and keep records for 7 years as Revenue Canada can go back 7 years to do audits. Anyways, hope this helps.
CRA.
http://www.cra-arc.gc.ca/events/menu-e.html
They have small business seminars.
The 7 year thing is simply for you to keep your records. You must keep the records for 6 years plus the current year. That only technically kicks in AFTER you’ve filed though (you can’t fail to file for 7 years and then get rid of your records). I highly recommend CRA’s seminars. You might want to attend the GST one as well, as there is lots of misinformation out there about GST too.