Accounting

What is the Difference Between Filing a Claim in the Proxy or Traditional Method?

The traditional and proxy methods are two ways to file an SR&ED claim. The traditional method is the default method to file SR&ED claims for businesses who qualify for the SR&ED program. An organization can choose the proxy method to file a claim, on their T661 form on Line 160, if they do not want …

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SR&ED Program & Benefits for Businesses

SR&ED (or SRED) stands for scientific research and experimental development. It is the Canadian government’s scientific research and experimental development tax incentive program for businesses. Financial organizations can get research and development tax credit, or SR&ED credits for conducting scientific research and experimental development in the line of their business activity. Every year SR&ED Canada …

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Why should a small business owner consider hiring an online accountant

As stereotypically shown in movies and tv shows, being an accountant isn’t just crunching numbers or working with basic financial data. The prevalence of the responsibilities of an accountant is second to none when it comes to the management of a business. Many business owners, no matter how small or big, rely on their accountants …

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What Is the Purpose of Accounting and Finance in Business?

Accounting and finance are two disciplines that are essential for any business no matter how small or big it may be. Accounting is the “language of business” and in this context “finance” can be viewed as the “literature” behind the language. Finance helps interpret the accounting information provided in the financial reports and statements to …

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The Right Accounting Standard For Your Business – ASPE VS. IRFS

As a small to medium-sized business owner, it is essential that you are at least familiar with the Generally Accepted Accounting Principles (GAAP) framework. This framework includes both the Accounting Standards for Private Enterprises and the International Financial Reporting Standards (IFRS). As a business owner in Canada, you can choose to either follow the ASPE …

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What Tax Deductions Are Applicable To You As A Small Business Owner In Canada

Being a small business owner, entrepreneur, or independent contractor, is challenging enough as you have so many added responsibilities and usually a small staff to take care of it all. This means that most small business owners have to handle almost every aspect of their business themselves including major departments such as sales, purchasing, customer …

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