Tag: Reasons your business needs an accountant

“Sole Proprietorship vs Incorporation” – Planning your business strategy

Should you incorporate your small business? (Sole proprietorship, partnership etc) Jumping from Sole Proprietorship to Corporation in Canada? We’ll break it down step by step. Earning side income or owning a small business can be a very rewarding experience, both emotionally and financially. The…

Should you incorporate your small business?

When a business is started, it can be structured as a proprietorship, partnership, or corporation. Proprietorship A sole proprietorship is one person operating a business, without forming a corporation.  The income of the business is then taxed in the hands of the owner (the proprietor), at personal…

COVID19 Resources – Personal & Business (Updated 06/30/2020)

General Information: (Updated 6/30/2020) Most updated interactive guide to programs available: https://www.canada.ca/en/department-finance/economic-response-plan.html -This encompasses Individual, Business & Industry General info on benefits with all relevant links for even more info!  https://newsinteractives.cbc.ca/coronavirusbenefits/ General Links: https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection/canadas-reponse.html https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html? https://www.bankofcanada.ca/markets/market-operations-liquidity-provision/covid-19-actions-support-economy-financial-system/ https://www.canada.ca/en/department-finance/economic-response-plan.html https://www.canada.ca/en/public-health/services/diseases/coronavirus-disease-covid-19.html https://www.alberta.ca/coronavirus-info-for-albertans.aspx https://www.alberta.ca/covid-19-supports-for-albertans.aspx The unfortunate reality of…

Accounting Outsourcing: The Nitty-Gritty that you need to know

Are you dreading about clearing the accounting and bookkeeping work which has piled up in your desk in view of the approaching tax season? Simply opt for accounting outsourcing to deal with the issue with ease and perfection. This is the simplest way for…

Accounting Methods – Cash and Accrual

When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method. Cash Method If you are looking for simplicity, the cash method is probably…