Kustom Design Group of Companies

June 28, 2010 – The CRA has just announced the introduction of a new simplified logbook for motor vehicle expense provision to ease the tax compliance burden of  small and medium sized businesses.

This is one of the government’s steps to make it easier to do business in Canada.  This new sample logbook was designed to help small and medium sized businesses to simplify record keeping, reduce paperwork and still provide accurate information for tax purposes.  This latest effort came about as the government worked closely with the Canadian Federation of Independent Business or CFIB and other organizations to address the needs of small and medium sized business owners.

It is a few weeks after the tax season and many of us have already received our income tax assessments from the CRA. It is important to note that the CRA is not right all the time. There are instances where the CRA has misinterpreted the facts or applied the Income Tax Act incorrectly. It is the responsibility of the taxpayer to make sure that his/her income tax assessment or reassessment is correct and accurate. If you find that your assessment or reassessment is inaccurate, your first step would be to call the CRA. Check with them first if you can resolve your issue with them over the phone. If this does not work, you may opt to file a Notice of Objection.