Q.My business made no money this year. Can I still claim business expenses?
Q.Can I claim business expenses that I no longer have receipts for?
No you can’t because you must have support of original documents for all the claimed expenses of the business on your income tax return, such as receipts. The Canada Revenue Agency may decide to reduce the amount of deducted expenses if you don’t have an “evidence” on receipts for all claimed business expenses. The auditing process would be made more complicated and difficult if your business expenses claimed don’t have the support of receipts.
A certain number of income tax and GST/HST accounts are being regularly audited each year by the Canada Revenue Agency to maintain a quality check on the tax system and to monitor its performance or reliability. You will surely want all your accounts in order if your business is choosen for auditing. Besides for auditing purposes, it is a mandatory requirement for the operation of a successful business to keep all the business records up-to-dated, complete and accurate.
Q.Can I Start a Small Business in Canada When I'm Not Living in Canada?
Q.How do I find small business start up money?
But if the persons own pockets are empty then the second most popular option is taken which help from friends and/or family.This sort of financing mostly takes the shape of personal loans.
And the third mostly popular source are the financial institutions such as credit unions,banks etc.to gain finances from this area you will need certain things like a good credit rating, a solid and practical business plan, skills, expertises and collateral.