During the Venture summit of the 2024 Toronto Collision Edition Conference on June 4th 2024 Advataxes, a software/app for the digital transformation of the employee expense, and credit card statement processes was presented to tech professionals. The Collision Conference is one of the largest north American conferences on Technology.
The presentation included the following 2 points:
1) Design for Canadian tax rules
Advataxes has a particular design, it stores a default jurisdiction (i.e. province, state) in the profile of each employee, which is an efficient way to implement the GST/HST and QST exact method, thus maximizing tax recoveries in an environment where the factors method is more difficult to implement than ever due to changing tax and economic landscapes (see our page exact method versus factors method)
2) Posting Credit Card Statement
An administrator of an Advataxes account can upload a single file listing all credit card transactions of all employees in the respective profile of each employee holding a credit card. Afterwards, employees, using our App or the website connection, will have to attach a digital file of their receipts with each transaction. A corporate credit card statement (i.e. VISA, MC, AMEX, etc…) is not a valid document both for Canadian income tax and Canadian sales tax purposes, so an invoice has to be attached to each transaction. That is why Advataxes is built with tools to facilitate the attachment of a digital image to each transaction.
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