Receipt Tracking for Small Businesses 🧾 | Best Ways to Keep Track of Your Receipts in Canada

Рет қаралды 7,550

11 ай бұрын

In this video, Joe helps us discover practical, actionable tips and tools to easily and quickly manage your business receipts.
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🎥 CONTENTS OF THIS VIDEO
00:55 - Understanding CRA's Record-Keeping Requirements
01:48 - When CRA Knocks On Your Door
02:46 - Use Google Drive to Organize Photos of Receipts
05:02 - Level-up Your Receipt Management with Dext
06:40 - Use Your Accounting Software's Built-In Receipt Management
07:54 - Accounting Software Plus Dext
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🔗 MENTIONED IN THIS VIDEO
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❓ FAQs
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Пікірлер: 10

@fanglu1623 10 ай бұрын

I was in this scenario and was the emoloyee

@adammoore7930 10 ай бұрын

Hey Joe! Do you have any videos on how to set up a CRA payroll account so that my corp can begin paying me a salary? I have seen your video on the difference between salary and dividends and am going with salary because of the pros and cons you outlined!

@AvalonAccounting 10 ай бұрын

Hi Adam - if you have a business number, you can just add a payroll program account to it. For example, if your BN is 888999111RC0001, your payroll account would be 888999111RP0001. You can give the CRA on their business line to open that account. We don't have a video on this, but have a guide on our blog: www.avalonaccounting.ca/blog/how-to-run-payroll-in-canada

@user-nu6ek7so2t 5 ай бұрын

Thanks for the video, one question once we scan the receipt and save it, do we have to hold on to the hard copy still? Can it be shredded or archived?

@xxsam0917xx 4 ай бұрын

I would only do that if the app allows you to receive a copy of it either via email or saved from a cloud backup. I read some apps will only save it locally, so if change phones then you lose them.

@rawalpinditocanada 6 ай бұрын

how to get a course

@TheRealMercyofGod 11 ай бұрын

So none of this applies if your business is new and makes under thirty thousand a year correct?

@HEATHERMWARKENTIN 11 ай бұрын

From my understanding, if you want to deduct any of those expenses on your tax return, yes it applies.

@AvalonAccounting 11 ай бұрын

I think you might be referring to GST registration. You are not required to register for GST/HST until you hit $30,000 in sales (in the preceding 4 quarters). For receipts and record-keeping, these rules apply to all businesses regardless of size. Hope this helps!