This is the story of Backstop Bob. Backstop Bob owns and operates Backstop Bob’s Baseball Emporium. Backstop Bob sells baseball bats. He thinks that he has been very successful.
Every month, Bob reviews his financial statements with his accountant. Each month, he is told that he is making money. At the end of the year, he […]
So you have just landed the largest contract ever over lunch. Your customer is happy, you are happy, everyone is happy. You merrily pick up the check thinking all is well. The waiter hands you your credit card back along with your receipt. You then leave the restaurant confident that all is well.
A few days […]
There are three different variations that are accepted business meals. In the first variation, a meeting is held between two or more individuals to discuss business topics. A perfect example of this type of business meal would be if you and a potential customer went to a restaurant to discuss doing business together. Another example […]
Improper input tax credit (ITC) documentation is one of the main reasons for GST/HST reassessments. Proper invoices to support ITCs are required by Canada Revenue Agency auditors. For example, the input tax credit may be disallowed if only the credit card slip is provided rather than the actual invoice.
The supplier’s GST/HST registration number should be […]