Small Business Accounting Challenges

Small businesses have specific challenges and needs that are very different from larger more established companies.  Budget is typically a concern as small businesses and startups work to get their revenue streams established.  There is an additional challenge addressing the technical aspects of dealing with CRA – something many small Read more…

Why is bookkeeping important?

One of the concerns I hear on a regular basis is regarding bookkeeping.  Why do I need it and why is it expensive and can I do anything to reduce my costs? This article covers bookkeeping for corporations; bookkeeping for sole-proprietors may or may not need to be as rigorous Read more…

Why online bookkeeping ?

Here are some reasons why going online might make sense for you. No need to find parking, child care or even leave your house.  With the technology that currently exists you can meet your bookkeeper right at home using tools like Zoom or Google Hangouts. A bookkeeper that is Virtual Read more…

Can I have tax free income?

There are a surprising number of kinds of income that are not subject to tax under the Income Tax Act.  Here are some examples: Strike pay from a union. (Supreme Court of Canada, 1990 decision in Fries) A union’s cash gift to a member is also usually tax-free. Damages or Read more…

Warning about Fraudulent Calls from CRA

Here are some recent examples of CRA fraud attempts: ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Caller identifies themself as from CRA and that there has been crimes committed against the CRA and that your file has been submitted to the Federal Court and that there is a warrant out for your arrest.  The call display is area code Read more…

Using Online Accounting Systems

So you have decided to take your accounting online.  You are always on the go and it makes life easy for you.  Here are some things for you to consider. 1. Some online systems are not as robust as the desktop.  Wave for example doesn’t let you put in a Read more…