If you run a small business, you may have heard that the Canada Revenue Agency (“CRA”) allows GST reporting in one of two ways – the Standard Method, or the Quick Method. If your business qualifies for the Quick Method, an election must be filed with the CRA to remit GST under the Quick Method.…
Applying for a business loan may seem daunting, however, our friends at BDC have prepared a guide to preparing a winning loan request. Here is some recommended information/documentation to prepare for an effective loan proposal: 1) Historical financial information: a. Financial statements will help lenders assess the state of your business. 2) Identify your investment…
Everyone loves going on vacation right? Well according to this article, taking vacation can be a source of stress and worry for many employees. The article cites surveys done in both Canada and the U.S. that show that the number of people reporting that they have been made to feel guilty about taking vacation or…
Canadians are losing millions each year to a growing variety of complex scams. Based on a report from the Better Business Bureau, we rounded-up the top five cons in Canada from 2017, ranked by the claimed amount of money lost. WIRE FRAUD AND SPEAR FISHING Financial loss: More than $20-million Various phishing scams have been floating around the…
Be on high alert during #TaxSeason and all year round. Here are some tips to protect yourself and your family from fraud: Keep Your Personals to Yourself Didn’t we hear the words “don’t talk to strangers” our entire lives? If you don’t know who you’re communicating with, and you’ve never met them in person,…
In 2009, l left a lucrative senior position with a well established and reputable Edmonton CA firm to start my own practice. This was a difficult decision to say the least. Not only did my income stream stop, but considerable capital was required to get things rolling, which I borrowed from a bank along with…
Managing a growing business presents both opportunities and challenges. To avoid future problems, you need a strategic plan supported by a dynamic team to make it happen. Keep these tips in mind when you are trying to juggle a fast-paced and rapidly growing business: Stay focused: The road to success is not always accompanied by…
Currently, workers and employers in Canada pay 4.95% of salaries into the CPP, up to a maximum income level of $55,300 a year. When people retire at the age of 65, they are paid a maximum annual pension of $13,370 under the program. People earning more than $54,900 do not contribute to CPP above that…
Books and records are required to be kept in a way that will ensure the reliability and readability of the information recorded. The Canada Revenue Agency recognizes either of the following as records: 1. traditional books and records (including supporting source documents) produced and retained in paper format; and 2. books and records produced and…
Why is cloud accounting good for business? The use of traditional accounting software is typically regarded as a tedious and time-consuming process, which takes the excitement away from core business operations. Thus, in recent years we have seen a major marketplace movement towards cloud-based accounting software in efforts to streamline the accounting processes. A few…