In the past, bare trusts typically did not have any reporting requirements and were disregarded for income tax purposes. The draft legislation, if passed as drafted, imposes new reporting requirements on bare trusts requiring them to file income tax returns.
Read MoreA tax write-off is a business expense approved by the Canada Revenue Agency (CRA) that ultimately lowers your taxable income. In other words, it’s a tax deduction. Here are a few overlooked write-offs for businesses.
Read MoreWhen you’re focused on businesses successes and challenges, taxes can easily slip your memory. It’s easy to forget to stay organized and prepared for the tax year-end, especially for small businesses without an established payroll department. We complied the top do’s and don’ts to help you prep for your business’ filing. DO: Keep track of […]
Read MoreNewest update: Canadian Standards are changing the well-known “Notice to Reader” financial statement. Section 9200, which is the current standard for Compilation Engagements, has been in effect since 1987. That’s 34 years without significant change in an industry of ever-changing and evolving standards! Why now? Simply put, there is a gap in how the statements […]
Read MoreIt’s that time of year — when the temperature drops, the shelves become stacked with golds, silvers, greens and reds, and your staff grab the boxes stuffed deep in storage. It’s the holiday season! With the landscape of the ever-changing pandemic, businesses may be opting out of the holiday office party altogether, or perhaps the […]
Read MoreWith our digital landscape, cryptocurrencies continue to be a trending topic, acting as a popular option and investment opportunity for many individuals and businesses alike. For those unfamiliar with the term, cryptocurrency is secure digital money that is separate from government bodies (including banks) that usually works with blockchains. Blockchains act as a database for cryptocurrencies to record transactions. You’ve likely heard of the most popular form of cryptocurrency, Bitcoin, but there are several types of […]
Read MoreFor small to medium-sized businesses, the increase of cyberattacks has become a huge threat. The Insurance Bureau of Canada states that over the last year, cyberattacks have increased for Canadian organizations by 99%! Cyberattacks can cost organizations thousands of dollars, putting them in a tight spot financially. While there are a ton of statistics that showcase the ins and outs of cyberattacks […]
Read MoreNo matter the level of service you need from your accounting firm, there are some basic questions and considerations to keep in mind when making this important business decision.
Read MoreAs a business, keeping your books balanced keeps you organized, prevents financial gaps and allows you to accurately plan out your future expenses. It may seem daunting or tedious, but the attention to detail will greatly impact your business. Here are 8 ways to stay on top of the accounting: Know your receivables. When you […]
Read MoreIn the words of the OECD: “Tax transparency is about putting an end to bank secrecy and tax evasion through global tax co-operation”. All us accounting geeks out there know that the CPA profession has publicly stated that it supports transparency of the beneficial ownership of corporations to create a national framework for whistleblowing and […]
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