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