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The Right Accounting Standard For Your Business ASPE VS. IRFS1

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

As a small to medium-sized business, 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 or …

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How To Save Tax Dollars Using The GST/HST Quick Method

Accounting, Tax / By Ben Kinden

No one likes paying exorbitant amounts of tax. Seeing those tax dollars being deducted from your paycheque or yearly profits can seem unfair given the hard work you have put into earning it. But paying taxes is extremely important and binding by law. Canada being a parliamentary democracy and a constitutional monarchy places the highest …

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When To Start Charging HST

Accounting, Bookkeeping, Tax / By Ben Kinden

One of the biggest sources of tax for the Canadian government is sales tax, which is charged on pretty much every transaction in Canada, with a few exceptions. In most Provinces, businesses charge and pay HST, which stands for Harmonised Sales Tax. If you’re going to do business in Canada, you need to understand what …

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

Accounting, Tax / By Ben Kinden

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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Outsourcing Accounting Operations The Benefits And Cost

How Much Does an Accountant Cost?

Accounting, Bookkeeping / By Ben Kinden

The cost of hiring an accounting firm can vary depending on the size of your business and the kind of services you’re looking for. You can choose to hire a firm for simple bookkeeping, which is keeping a record of expenses and profits for compliance purposes or hire a firm for full-fledged accounting services which …

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4 Reasons You Should Hire a Bookkeeper For Your Business

1 Comment / Accounting / By Ben Kinden

Bookkeeping is a vital part of any business, but it can be easy to push aside for more immediate priorities. Customer orders to fill. Clients to meet. Inventory to order. These are things that must be done to keep your business running. Bookkeeping is easy to push to the side. However, delays in managing your …

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5 Serious Bookkeeping Mistakes That You Need to Avoid

Accounting / By Ben Kinden

Business owners often make bookkeeping mistakes during the first years of operation. While you may not have the money or the time to study accounting, you can still avoid these common mistakes that can put your company in danger. That’s why we’ve put together a list of five common mistakes business owners make when doing …

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Updates on Federal Government Tax in the Face of COVID-19

2 Comments / Accounting / By Ben Kinden

The global pandemic has taken the world’s economy by storm by disrupting established deadlines and submissions for tax forms for the previous quarter. The Canada Revenue Agency (CRA) has been working on extending tax form deadlines to ensure that local businesses affected by the pandemic can focus on adjusting their bookkeeping to account for their …

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4 Common Accounting Problems Faced by Business Startups

Accounting / By Ben Kinden

When it comes to running a business, one of the most important things is to keep your business’s finances at all times. This makes sense as the primary goal of many businesses is to generate income and earn a profit. Regularly checking and maintaining the financial health of your company is imperative. This is where …

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Should I use a holding company?

Accounting, Tax / By Ben Kinden

If you are a business owner, you have probably heard peers, accountants, lawyers, and bankers talk about this thing called a holding company. Lots of them have probably told you “hey – you NEED to setup a holding company! It’s way better.” We get this question from our clients all the time, “should I use …

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Accounting

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

How To Save Tax Dollars Using The GST/HST Quick Method

When To Start Charging HST

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

How Much Does an Accountant Cost?

4 Reasons You Should Hire a Bookkeeper For Your Business

5 Serious Bookkeeping Mistakes That You Need to Avoid

Updates on Federal Government Tax in the Face of COVID-19

4 Common Accounting Problems Faced by Business Startups

Should I use a holding company?

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