Preparing financial statements for business owners is a crucial aspect of running a successful business. In this blog post, we will highlight key considerations that business owners should keep in mind during the financial statement preparation process. Gather Accurate and Comprehensive Financial Data: The foundation of reliable financial statements lies in accurate and comprehensive financial […]
As a business owner in Canada, managing your personal compensation requires a deep understanding of the intricate financial and tax landscape. Choosing the right payment method and navigating complex tax and legal considerations are essential to ensure compliance and financial success. In this blog post, we’ll walk you through the key considerations and various compensation […]
As your business grows, it becomes increasingly difficult to handle day-to-day bookkeeping while also focusing on growing the primary business. Outsourcing accounting services allows you to concentrate on growing your business while leaving the accounting to the experts. Moreover, a growing business requires more than just bookkeeping and basic accounting software. It deserves a formal […]
Managing personal compensation as a business owner in Canada involves navigating a complex financial and tax landscape. It requires a comprehensive understanding of various factors, such as determining an appropriate salary and exploring different payment methods while considering legal and tax considerations. In this blog post, we will provide you with a comprehensive guide on […]
Unlocking the Benefits of Outsourcing Bookkeeping Services From small startups to large corporations, businesses of all sizes are increasingly turning to outsourcing their bookkeeping functions. The decision to outsource bookkeeping services comes with a multitude of benefits that can positively impact a company’s financial operations. In this article, we will explore the compelling reasons why […]
Caring for aging parents or family members can be a time-consuming and financially demanding experience. If you find yourself in this situation, where you need to provide financial or physical support for your elderly parents, and you’re facing the costs of nursing care and other medical needs, it’s important to understand which expenses are tax-deductible […]
The Ontario Trillium Benefit (OTB) is a tax credit in Ontario that provides refunds to residents with low to moderate income. It encompasses several credits, including the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit, and the Ontario Sales Tax Credit. Typically, the annual entitlement for the OTB is divided into 12 […]
To ensure proper financial management for your Canadian business, it is crucial to choose between ASPE and IFRS accounting standards. However, before making a decision, it is essential to comprehend the implications of these accounting requirements for your company. Regardless of the size of your business, it is vital to have a good understanding of […]
Welcome to Canada! As one of the over 405,000 newcomers who immigrated here last year, there are a few important things you should know about Tax Filing Information for Newcomers, and as a new Canadian, you’re eligible for the same tax credits and deductions as Canadian citizens. You’ll encounter friendly faces wherever you go, witness […]
The Tax-Free Savings Account (TFSA) was introduced in Canada in 2009 and has since gained popularity among Canadians as a beneficial savings tool. However, it’s important to consider the potential tax implications when holding foreign investments in a TFSA. For Canadian clients who hold foreign investments in their TFSA, dividends received within the account are […]