11/27/2025
I found over $30,000 worth of savings for my client.
This is just in GST savings.
How??
Because I went and found every transaction that didn't have a receipt on their QuickBooks and figured out that if every expense qualified for GST (which they would unless the store was too small), it added up to being over $27,000 if they only gave me 80% of the receipts I was missing.
Keep in mind, this is just GST. What about income tax?
Here's the thing, without a receipt to back up the expense, the CRA won't let you claim it as a legit business expense - they'll make you claim it personally which does you no favours in the income tax department.
Now your business' taxable income just shot up, too.
So if you're claiming these expenses and GST without having the receipt ON QuickBooks (so that you don't have to look for them should you be audited), you're opening yourself up to possibly a lot of back taxes owed and penalties...
❄️❄️❄️❄️❄️❄️❄️❄️❄️❄️❄️❄️
If it feels like too much and you want to get it off your plate, send me a DM and let's chat about what it'd look like to give yourself more time to do what you love instead of what you have to do.
