As a result of CFIB's work and the participation of its members, in Budget 2008 the government committed to accepting a logbook maintained for "a sample period of time" instead of the full year. In fact, the budget documents state that: "The CFIB has indicated that its members have identified the requirement to keep a logbook as the most burdensome aspect of the motor vehicle tax provisions."
The GST/HST Quick Method and Simplified Method of Claiming Input Tax Credits are major victories for small business. Review the eligibility requirements and see if you can save time and money.
Tax audits can be very stressful for small business owners. Knowing what to expect from an audit and how to collaborate will make your life a whole lot easier.
