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Posts Tagged ‘Restaurant Operations’

If  your restaurant pools or shares tips, charges automatic gratuities, or receives a tip-out “to the house”, this article could save you thousands of dollars.

If you’re like most restaurateurs, you probably think that the Canada Revenue Agency’s only concern about tips and gratuities is that servers report them on their personal income tax returns.  While the CRA is concerned about this, now, they are even more interested in restaurants that fail to report certain types of tips.

The CRA’s policy on tips and gratuities can be found here.  The rest of this article may shock you.

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Here are the top five qualities of a “good” restaurant accountant:Drowning in paperwork

  1. Understands your restaurant and uses this knowledge to offer strong advice for improving your operations and finances;
  2. Analyses sales, expenses and margins to identify problems and improve profitability;
  3. Provides sound tax advice to legitimately maximize your deductions and minimize your taxes;
  4. Ensures that you comply with all tax laws, and
  5. Knows how to document and prove your margins to a tax auditor.

The last point deserves a bit of an explanation.

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Most restaurateurs know they lose the cost of the pilfered product, but few understand that they may be responsible for the sales and income taxes (plus penalties and interest) that would have been incurred had the stolen product been sold.  Significant tax liabilities often arise from sales (and income) tax audits of restaurants and bars.  This can occur anytime purchased wine, beer and liquor is not sold, and one of the most common (and largest) causes of these items not being sold is theft and fraud.

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A new Linked-in Group has been started to discuss issues of interest to Canadian restaurateurs and advisors.

Here is a short description for the group:

This is a group for discussing issues related to operating a restaurant or bar in Canada.  It can also be used to ask for information or assistance from other members.  It is open to all restaurateurs and advisors in the hospitality industry.

If you would like to join the discussion, please visit www.linkedin.com and search groups for “Canadian Restaurateur”.  Request to join the group.  Tell your fellow restaurateurs about this group and this blog! 

 

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