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29 04, 2021

Business Taxes in 2021

By |2021-04-29T21:45:37+00:00April 29th, 2021|resource, Tip of The Month|0 Comments

This year, 2021, will be an unpredictable year for the economy in Canada due to the ongoing pandemic, the limited vaccine supply, and the varying approaches to economic recovery on both provincial and federal levels. Here are some changes to Canadian Business Taxes you can expect in 2021.

Extensions and Deferrals

Currently no official extensions of Corporate […]

20 04, 2021

What Changes Should We Expect in 2021 for BC and Federal Taxes?

By |2021-04-20T17:27:50+00:00April 20th, 2021|Uncategorized|0 Comments

Canada’s ‘COVID-19 Economic Response Plan’ has provided millions with financial relief throughout 2020. But it may be providing everyone with some extra work come tax time. With that in mind, what changes should we expect to see in 2021 for BC, and federal taxes?

COVID-19 Relief Measures Will Have a Big Impact on Your Taxes

If you […]

8 04, 2021

When Should I File my Corporate Income Taxes in BC?

By |2021-04-08T19:19:33+00:00April 8th, 2021|resource, Tip of The Month|0 Comments

The end of the year is fast approaching and that means that tax season will be starting up shortly after the new year begins. With a new tax year on the horizon, when is the best time to file your corporate income tax?

Ordinarily corporate income tax is due no later than 6 months following the […]

28 03, 2021

Do I Have to Pay a Penalty If I File My Taxes Late?

By |2021-04-08T19:19:08+00:00March 28th, 2021|resource, Tip of The Month|0 Comments

If you have not yet paid your taxes for this year, or a previous year, it’s getting to the point where it is likely going to be costing you a lot of extra money. Now, if you don’t owe the CRA anything, you have a bit of a grace period to file your taxes without […]

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 […]

20 12, 2019

5 Tips to Setting up a Rainy-Day Fund for Your Small Business

By |2020-01-28T17:07:13+00:00December 20th, 2019|resource|0 Comments

It’s generally recommended that individuals have enough cash or liquid assets set aside to continue to live for about six months in case of emergency. Not everyone does or even can manage to do this, but it’s a good idea.

Your small business should have at least the same amount set aside—for the same reasons—to be […]