We provide small and medium sized businesses
with tax, accounting and audit services.
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When it comes to your statement of financial performance, one solution doesn't fit all. In fact, as your business grows, your financial statements should grow as well. The primary purpose of these statements shouldn't change, which is to provide business…
With the entire global economy facing changes, uncertainty, pandemics, and new technological advancements, 2020 has been nothing short of rapid. Keeping this in mind, what does 2020 have in store for the bookkeeping service providers and accountants? There is no…
Unfortunately, in the world of start-ups and small businesses, efficient and proper accounting systems are often not seen as a must-have. While everyone knows that an ideal company infrastructure includes a robust back office, resources are often focused on the…
Starting a new venture? Not sure how to handle or record every transaction? Well, accounting and finance can be daunting, especially if you are not a math person. But, to run a small business, you need to be at least…
Entrepreneurs keep a lot of financial details related to their business in their heads. Doing so has its advantages: No danger of a system crash that loses all your data, no new accounting software to learn, and you can tweak…
As part of the Government of Canada’s climate change plan, residents of Ontario will receive a new refundable tax credit when they file their 2018 personal tax returns. The credit breaks down as follows: Single adult – $154 Second adult…
The Ontario corporate tax on the first $500,000 of active business income in a corporation (which is a fancy way of saying the corporate tax rate for small businesses) is dropping from 13.5% in 2018 to 12.5% in 2019. This…
An often-missed deduction, that can add up quite quickly, is the moving expense. If you move to a new location, you may be able to deduct moving expenses from income earned at the new location. You may deduct moving expenses…
There are times when a corporation insists that a contract worker incorporate a company and charge for their services through the company rather than personally as an employee. There may be various reasons for doing this. For instance, by paying…
Often times a company will hire an individual with the stipulation that the person hired will be considered self employed rather than an employee. By doing this, the hiring company can avoid various issues regarding employees, such as the requirement…
If you receive pension income that qualifies for the pension income tax credit, you may be able to transfer up to half of this income to your spouse. Why would you want to do that? If your spouse is in…
If you own rental property, you can claim depreciation for tax purposes (known as CCA) to reduce your net rental profit and therefore reduce the amount of income tax you pay. However, you cannot use CCA to (i) create a…
I am often asked by clients who are starting up a new business what year-end they should choose. Most businesses generally have a business year than operates on a natural 12 month cycle, with peaks and valleys of business activity…
When it comes time to sell your incorporated business, you may be able to take advantage of a tax free gain on the sale of your shares. In fact, if you were to sell the shares of your business in…
Normally, when you sell an asset (real estate being an example), you must report the gain on the sale and pay tax on that gain. In Canada, you are not required to pay tax on the gain when you sell…
