Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses. This can seem onerous, but understanding what needs […]
Information On Filing T4s/RL-1s For Small Business Owners
When I was employee, I never really gave much thought to the T4 (and the Quebec equivalent RL-1) process. I knew that sometime around February an envelope would appear on my desk with a tax document that I would need to reflect on my tax return. I suppose I thought that someone, somewhere pressed a […]
Why Every Canadian Should File A Personal Tax Return
A friend of mine has been in a nightmare scenario with CRA. She hadn’t filed her tax return in a few years mostly because she had one T4, figured that she didn’t owe any tax and was simply procrastinating on an unenjoyable task. In 2020 she receive a notice of assessment from CRA indicating that […]
5 Reasons Why You Should Upskill Your Tax Team
Tax duties are unique and essential for businesses to carry out to ensure they are legally compliant. Accounting and bookkeeping must always be performed properly and reliably to ensure accuracy during tax time. Professional accounting and tax services can help businesses ensure they remain compliant while helping them optimize their payment obligations, but do all […]
The Significance of Correcting Errors in Business Accounting
Business bookkeeping and accounting are key components of business sustainability and success in virtually any industry. Therefore, ensuring reliable accounting is key to sound financial health for any business. This is also why correcting errors in business accounting (also known as catch-up) is so important. Here are some of the reasons why it’s critical for […]
Boosting Business for Accountants with the Help of Cloud Accounting
Cloud accounting offers the flexibility of working from anywhere and staying connected with businesses on a 24/7 basis. In other words, with cloud technology, you can access business functions from a remote location to complete day-to-day tasks. Your entire practice can be set up on a cloud-based infrastructure to optimize productivity. Accounting business owners can […]
Best Accounting Conferences You Can Attend
Staying updated with industry trends is crucial for growing a business and providing exceptional services to clients. Understanding market demands and needs can improve your products and services and retain existing customers. To stay informed about evolving trends in the accounting industry, you should invest some time in research and development. The latest technology and […]
Ways to Keep Your Books Up to Date
The three most important factors for keeping books up to date and clean are organization, consistency, and reconciliation. Managing and recording each transaction into correct accounts and books daily helps reduce the workload when reviewing your books. Likewise, regular bank reconciliation helps you crosscheck transactions and catch any mistakes quickly. This gives you a chance […]
Building a Successful Accounting Firm: 5 Essential Tips
In today’s world, running a successful accounting firm is a challenge indeed. It is about empowering employee resources, optimizing the latest accounting technology, and allowing your internal team to focus on lucrative tasks. Such practices help you provide comprehensive solutions to clients like business evaluation, financial management, and tax planning. Additionally, accounting processes are often […]
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