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We have updated our website and our brand to communicate more clearly who we help and why they need the help we offer. Read our short blog to see if anything there resonates with you.
The CRA sends little brown envelope requesting items, but in very unclear language. These little mini-audits are called Process Reviews and can occur for various reasons. They happen more often than you think and are getting more frequent every year. We deal with them every day and it’s part of our job to take care of them with as little bother to our clients as possible. This blog talks about what those envelopes may contain, how to avoid audits altogether, and how this all should really be your accountants job anyways.
Ever wondered if there was a science to valuing a business? There is. Well, part art - part science. We discuss the four generally accepted valuation techniques: historical earnings (aka capitalized cash flow), discounted cash flow, net asset value and market value. We briefly explain which types of businesses should be valued using each technique. Our Chartered Business Valuator/Chartered Accountant is available if you want to dive deeper into the subject.
Sponsoring community sports teams or charity events like golf tournaments is a great way to support local organizations and can even be good for business! We explain how small business sponsorship of events and teams can save you tax dollars. Ask our Chartered Professional Accountants if you still have questions.
The opportunity cost of having bad business credit, avoiding the personal guarantee, improving cash flow and lower interest rates; these are just a few of the benefits to building good business credit. In our latest blog, we give you 5 easy actions you can take right now to starting building credit in your corporation. If you need any advice or have questions about these benefits or tips, don't hesitate to ask us. Our CPAs are willing and ready to help!
Including your children in money management experiences can start happening as early as the first grade. If you invest the time teaching your kids about how to manage their money, there’s a better chance they’ll need less of yours in the future. Our CPA’s researched some DIY best practices for raising money smart kids.
It's an awful, crippling feeling to be facing an insurmountable mountain of debt. As tax rates increase, and our economy continues to struggle, many Albertans are helplessly watching their debt levels grow with each passing month. We want you to know that you’re not alone, and there are resources available to assist you.
Still wondering why you owed so much tax this year? You’re not alone. In fact, many people found themselves owing taxes when they were expecting a refund. We explain the most common causes: maternity leave (or EI), Rental Property Income and Payroll Department’s just not withholding enough tax.
Madeline from True North Accounting gives you a behind the scenes look at their own month-to-month administrative processes for bookkeeping, payroll and tax payments. Madeline has no accounting background and speaks from the perspective of most of our clients.
As a business owner, knowing what you can write-off can save you money and limit the risk of an audit. Get informed and be confident in your spending. Here are some write offs that'll reduce your taxable income, put a big smile on your face, and keep your wallet full. Including technology and gadgets, meals, booze, events, donations, sponsorships, parties, AGM's, travel and conferences.
Documents that are important for tax purposes arrive throughout the year, or months in advance of tax time, so we wanted to give you a guide on what documents are important and some tips for keeping them safe. Take this advice from Professional Accountants (CPAs) that do this day in and day out, to make sure you are prepared this tax season.
It’s tax season again. and just like every other year, there are changes that we want to share with you so that you’re up to speed on your personal taxes. Childrens art and fitness credits, Canada Child Benefit, Canada Caregiver Amount, transit passes, sale of Principal Residence, and changes to tuition credits. We also discuss some slick new features of your CRA MyAccount.
Good and Services Taxes: consumers know they pay it, business owners know they charge it, but do you know why? We discuss all the basics of GST like who needs to collect, how to calculate how much you owe, what the deadlines are and how to sign up for a GST account. Our CPAs can walk you through the process and make it as easy as possible on you.
Deadlines. Deadlines. Deadlines. They are approaching and while we often get anxious about meeting them, the more we know about deadlines, the less chance we’ll miss them. Our CPAs will ensure you never miss a deadline and never rack up those penalties that can be as high as 10% of the tax owing, plus 2% per month until you file. Here are all the deadlines you need to be aware of.
We’re Chartered Professional Accountants (CPA’s) and can give you the exact amount of tax you would pay if you took dividends, and the exact amount of tax & CPP you would pay if you took wages. We can also give you the optimal balance of wages & Dividends.
Wondering how to get the best childcare for your kids, while also getting the most bang for your buck? Learn the steps to hiring a nanny legitimately, including getting a Business Number, Payroll Account, running payroll remittances and filing the T4 slip at the end of the year. Our CPA's can help you out with the process.
Don’t let 2018 slip by without accomplishing some of your life and business goals. One year holds great potential, and fresh into January, now’s the perfect time to make a plan. And if you need help setting financial goals for yourself, let us know. We are Chartered Professional Accountants (CPA’s) and are here to help you reach your business goals.
Here are 9 actions you can take before Dec 31 to minimize your tax bill this year!
Make the most of your hard-earned money when you donate this December!
Real estate agents, here are some practical tips for reducing taxes & accounting fees, saving time, getting organized, audit-proofing your business and ensuring you never miss another deadline!
Investment income earned in a corporation is currently taxed at about 50%; the Finance Minister wants to increase this to as high as 73%! We explain these tax changes as they apply to our self-employed, Alberta corporate clients.
Save hundreds and even thousands of dollars each year in bank fees, penalties and interest expenses! We look at our clients bank statements all the time and I see so many people not taking advantage of low hanging fruit from the banks. Here are 5 easy ways to save time and money!
This is our first blog post. We don’t intend our blogs to be this technical, but there was a lot of demand for our opinion and interpretation of this issue, so we needed to get this one out there.