Resource Centre2021-01-15T18:47:37+00:00

Tax & Financial Resource Centre

Our resource centre is designed to give you ready access to the tips and tools you need to take control of your financial future. With clear, simple advice that you can implement today, we’ll help you be more comfortable tomorrow. Each month, our featured “tip of the month” will provide practical pointers about taxes, accounting and other relevant financial matters.

What Is Involved in a Forensic Audit of a Charity?

By |October 29th, 2020|

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 office audit at CRA headquarters, both of which are routine procedures. If the CRA has reason to believe that the law has been breached, then a forensic audit may be initiated. What is a Forensic Audit? A forensic audit is comparable to a regular audit, [...]

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

By |September 30th, 2020|Tags: , , |

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 to be a one-time payment of $1000 to workers who have lost work because of COVID-19. The full details are not available, but there is a web page  where you can sign up for alerts. Citizen will be able to apply soon. [...]

What Can I Deduct From my Rental Income?

By |March 23rd, 2020|

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 paying back, but you can deduct the interest in your mortgage payment. Also, if you’re living in the property, too, and renting out part of it, but the whole building has a mortgage, then you can only deduct the portion that [...]

What Accounting Standards Are Used in Canada?

By |March 23rd, 2020|

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 is such a thing as non-GAAP reporting, but the reports have less credibility in Canada if non-GAAP principles are used. And what accounting standards are acceptable in Canada? Businesses that are publicly accountable are required to use the International Financial Reporting Standards [...]

What Do I Need To Prepare My GST?

By |February 23rd, 2020|Tags: , , |

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 those receipts, so can identify exact amounts of GST both paid and collected. GST paid In order to prepare your GST, you need to know how much GST you paid on business-related items. This adds up to how much GST [...]

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

By |December 20th, 2019|Tags: , , |

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 able to continue to operate for at least six months in case of emergency. The way to achieve this for your business is to start setting aside some money in the beginning and as you go along. Here are our five tips to make [...]