What Is Involved in a Forensic Audit of a Charity?
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 […]
What Financial Help Can I Get in BC Because of COVID-19?
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 […]
What Can I Deduct From my Rental Income?
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 […]
What Accounting Standards Are Used in Canada?
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 […]
What Do I Need To Prepare My GST?
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 […]
5 Tips to Setting up a Rainy-Day Fund for Your Small Business
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 […]
