With charity-scandals so often grabbing the headlines as of late, many people are wondering what measures are used to keep charitable organizations from being misused or abused. Each year, the Canada Revenue Agency audits approximately one percent of registered charities. This may take the form of a field audit at the charity’s location, or an […]
Canadian government both provincial and federal are putting in place several different types of financial help for citizens during the current COVID-19 pandemic. The financial help becoming available is changing and increasing rapidly. These are the benefits available as of March 31, 2020, that we are aware of.
Provincial (British Columbia):
1. BC Emergency Benefit
This is intended […]
In Canada, in every province there are many things that be deducted from your rental income for tax purposes.
Here is a brief list of things you can deduct followed by a few things you can’t deduct.
What You Can Deduct
1. Interest on your mortgage
If your rental property has a mortgage, you can’t deduct the principal you’re […]
Before we get into what accounting standards are used in Canada, let’s talk about accounting standards in general.
What are Accounting Standards?
These are the generally accepted rules by which accountants can prepare financial statements. They are referred to as GAAP or Generally Accepted Accounting Principles.
Certified accountants will usually be preparing financial statements using GAAP standards. There […]
Most businesses, sooner or later, will have to prepare a GST return for Revenue
Canada. It’s not terribly difficult, and we’ll go over the important parts with you.
Here are some of the most important parts about preparing to pay GST:
Keep good records
This is true for all accounting purposes, but it’s especially helpful for calculating
GST. You need […]