29 10, 2020

What Is Involved in a Forensic Audit of a Charity?

By |2020-11-06T21:28:10+00:00October 29th, 2020|resource, Tip of The Month|0 Comments

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 […]

30 09, 2020

What Financial Help Can I Get in BC Because of COVID-19?

By |2020-09-30T20:57:51+00:00September 30th, 2020|resource|0 Comments

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 […]

23 03, 2020

What Can I Deduct From my Rental Income?

By |2020-07-06T16:23:54+00:00March 23rd, 2020|resource, Tip of The Month|0 Comments

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 […]

23 03, 2020

What Accounting Standards Are Used in Canada?

By |2020-06-03T21:05:56+00:00March 23rd, 2020|resource|0 Comments

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 […]

23 02, 2020

What Do I Need To Prepare My GST?

By |2020-03-09T02:20:20+00:00February 23rd, 2020|resource|0 Comments

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 […]