How To Ensure Rental Income Within Your Corporation is Active Business Income
How To Ensure Rental Income Within Your Corporation is Active Business Income May 5, 2023 Tax Question: How do you ensure your rental income within
Home » News » Canadian Tax FAQs » The Importance of Internal Controls for a Business
Question:
Why is it important for businesses to have internal controls in place?
Facts:
Internal controls provide protection against error and fraud as well as safeguard assets. In addition, with a good internal control system in place, businesses can effectively communicate expectations to employees which in turn improves overall performance, efficiency, and accountability.
What are some basic internal controls businesses can put in place to ensure they are protected?
Employing these basic internal controls will help businesses identify irregularities, run more efficiently, and possibly detect fraudulent activity.
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Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
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