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Business360.Pro Blog

Business360.Pro is pleased to provide a variety of resources on accounting, taxation and other related subjects that I hope will be helpful to both individuals and businesses.

If you have any questions, simply contact me by email or call 778-968-2850. I will be happy to meet with you for a free, no-obligation consultation.

Staying Safe While Shopping Locally

local3

As the holiday season approaches, and with all of the news of late about the ongoing COVID-19 pandemic, FLU season and increasing RSV issues in children, we thought it would be good to pass along some ideas on how to stay safe while supporting small businesses.

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3 Small Business Must-Knows

mustknow-1 Small Business Must-Knows

Whether you're considering starting a business or are already in the game, there a few things you absolutely need to know to stay competitive in today's marketplace.

Digital is here to stay

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Monitor These Indicators in Your Business

indicators2 Indicators in Your Business

Maintaining good financial management is crucial to a firm’s survival. Timely and informed decisions are much easier when responding to changing conditions in today’s business world.

Often due to lack of time or proper organization, many entrepreneurs only read their financial reports several months after the end of their fiscal year, when they become available. Such inattention will place a business at risk.

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Sales Taxes in Canada

gst PST/GST/HST

Our Canadian sales tax system has federal and provincial components. To simplify the differences, review each province’s tax system.

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Compilation Engagement Standards QnA

compilation2 Canadian Compilation Engagement Standards QnA

Who are users, and what is the Basis of Accounting?

A “user” includes anyone who would receive the compiled financial statements. Users may be shareholders, investors, creditors and lenders, government, regulators, suppliers etc.

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Canada Compilation Engagement Standards

compilation Compilation Engagement Standards

In Canada, accounting firms are letting their clients know about the new requirement for compilation engagements. This new standard is titled the ‘Compilation Engagement Report.’ This report will contain your company’s compiled financial details.

In Canada, accounting firms are letting their clients know about the new requirement for compilation engagements. This new standard is titled the ‘Compilation Engagement Report.’ This report will contain your company’s compiled financial details.

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As a Business Owner, Are Your Affairs In Order?

affairs Are Your Affairs In Order?

The Canada Revenue Agency is looking to increase scrutiny to ensure compliance with tax regulations with a trend toward added corporate disclosure requirements. Businesses and their owners are facing a higher level than previously.

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How Much Money Will I Need to Retire?

retire Retirement and Money

It’s not a simple question to answer. Different people will need different amounts, depending on the income they have and what their plans are after they stop working. The best scenario is that at retirement, one should not have a mortgage or any debt that is not tax deductible. At that point, you should have defined goals, a budget, little or no debt, and income-earning investments. At that point, calculate the money you need to live on and the source of those funds.

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Do I need to hire a consultant to write a business plan?

plan Can I write a business plan?

Not necessarily, but you might.

A Business Plan is a tool where management outlines what the company will do and how it plans to achieve its goals.

Generally, a bank needs to be confident that you can execute the plan. While we focus on the term “business plan,” the lender wants to know, “if we advance this money, how do we know it will be paid back?”

Banks don’t like to take risks because larger loans carry greater risk. The greater the loan, the more detail they will want.

Let’s say you want to borrow $10,000, and your record with your bank has a reliable history. The plan could be simple, like a summary of your goals with a three-year projection of income and expenses.

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Deductible Expenses Can Include Gifts

gifts Can you deduct a gift?

Giving gifts to clients can be a valuable method of building goodwill and loyalty. It’s one way to distinguish yourself from your competitors.

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Does a CPA Do Anything After Tax Season? Lots!

aftertax Does a CPA Do Anything After Tax Season?

Having survived tax season, thousands of CPAs flock to beach resorts for 11 months of relaxation, cocktails and resting on their laurels. OK, not quite.

Nevertheless, that seems to be the general assumption. In reality, accountants have plenty to do throughout the year, whether it is tax time or not. Days are filled with audits for some organizations and financial planning for various individuals or companies. Bookkeeping is always ongoing, just as other year-round tasks are dealt with. So what does a CPA do after April? Read on to find out.

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How to be a better Virtual Communicator

communicator How to be a Better Virtual Communicator

Pandemic restrictions are easing, however, after tasting life with less commuting time, many want to continue working at home, at least a few days a week!

This means businesses that agree to provide such flexibility :

  • Create protocols around communication channels  and expectations
  • Deploy the Must-Have Technologies and security to support effective and safe remote collaboration
  • Implement virtual communication best practices
  • Strike the right balance of the kinds and amount of virtual communication  to keep things real
  • Share the keys to high-output remote teams with everyone

To download a free copy of "How to be a Better Virtual Communicator," click here to subscribe to our blog (you can unsubscribe anytime). 

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How to Stay Ahead of the Tax Man

bizplan How to Stay Ahead of the Tax Man

Small business owners and self-employed persons are people who follow their dreams!  Whether you are an up-and-coming entrepreneur, semi-retired, or want to become your own boss, we all must play by rules.

As you start down the road, here are common mistakes people make.  Here are some important tips  you could use to run your business and comply with the Canada Revenue Agency (CRA) or the Internal Revenue Service (IRS) rules:

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How to Lend Money to Your Spouse for investments, without adverse tax impact?

Normally if money is loaned to a spouse for acquiring an income-producing property, any income or gain of that would be attributed back to the person lending the money. However, if planned properly, it can result in tax savings for the family.

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Why is it important to file the tax returns on time ?

As an individual and/or business, it is always recommended to file your tax returns on time not only to keep your affairs well organized and up-to-date but also to stay on top of your financial affairs. If any taxes are owing, It also makes sense to file tax returns on time because of interest and penalties associated with late filing.

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The Importance of reporting ALL income from information slips

Many people assume that if they fail to include an information slip with their income tax return, the Canada Revenue Agency ("CRA") will simply adjust the return to report the income and adjust the income tax accordingly. This is half correct! The other half of the equation is a little-known penalty the CRA imposes for repeated failure to report income. This penalty arises when an income slip is not added to your tax return twice in a three-year period.

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