Accounting & Bookkeeping Services
Accurate and complete financial records are essential for understanding the financial health of your business. This includes tracking income and expenses, managing short-term receivables and payables, monitoring fixed assets and long-term liabilities, maintaining cash flow records, and managing inventories.
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Maintaining organized and compliant records is not only a best practice but also a legal requirement under various legislations, including the Income Tax Act, Excise Act, Employment Insurance Act, and Canada Pension Plan.
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In the event of an audit by the Canada Revenue Agency or other government authorities, businesses that fail to produce proper accounting records may face penalties, interest, or additional scrutiny. Proper bookkeeping ensures that all filings and payments are accurate, up-to-date, and fully supported by verifiable records.
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At GTA Tax and Accounting Services Inc., we help businesses maintain accurate, organized, and compliant financial records, giving you peace of mind and a clear picture of your business’s financial position.