Tax Question - Year End Timing
Simple question: you run an sole trader business. Business expenses are put on a credit card, then paid off every month.
At year-end could you either (1) elevate your income (by not paying off the credit cards before the year end) or (2) reduce your income (by making sure you pay off every penny before year end?
Basically question is whether or not credit cards are looked at by CRA as part of cash accounting...
At year-end could you either (1) elevate your income (by not paying off the credit cards before the year end) or (2) reduce your income (by making sure you pay off every penny before year end?
Basically question is whether or not credit cards are looked at by CRA as part of cash accounting...