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.
Effective record-keeping is crucial for the success of any small business. Proper records not only help you track your financial performance but also ensure compliance with tax regulations and provide valuable insights for making informed business decisions. Here are some best practices for record-keeping in a small business:
Part 2 of our series deals with claiming the Disability Tax Credit (DTC) in previous years. If you believe that you were eligible for, but did not claim it, you may be able to make a retroactive claim. Retroactive claims allow you to request adjustments to previous tax returns and potentially receive refunds for the missed credits.
When considering a fuel-efficient vehicle such as a hybrid, or an alternative fuel model you should know that the Canadian Government, as well as some provinces, provide rebates.
Despite the current strike involving public sector workers at the CRA, you still must file your Canadian income tax on time to avoid penalties and interest charges.
Our Canadian sales tax system has federal and provincial components. To simplify the differences, review each province’s tax system.
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.
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.
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.
Giving gifts to clients can be a valuable method of building goodwill and loyalty. It’s one way to distinguish yourself from your competitors.
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.
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: