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What do I need to get started?

What information do I need to get started? This list is a starting point, your specific situation may differ. Business bank and credit card statements. Many banks and credit companies provide this information online and can go back as far as seven years Copies of cheques (often these are on your bank statements) Listing of … Read more

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 business are just not able … 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 closing date, so it’s easy … Read more

Managing your information in a Paperless world

So you have decided that you have had enough and now you want to go paperless.  Seems to make sense, most of your bank statements, bills, and receipts come online anyway.  Why print them? Sounds simple enough but like anything, you need a way to organize your documents.  There are many software packages that do … 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 compensation for personal injury, including … 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 647 (Toronto).  Needless to say … 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 closing date, so it’s easy … Read more