Are you a small business owner in the vibrant cities of Toronto, Pickering, Ajax, Mississauga, Brampton, Vaughan, Woodridge, or the surrounding areas? If so, you’re already aware of the unique challenges and opportunities that come with operating in these bustling communities. In the world of business, every dollar counts, and understanding your financial landscape is crucial. That’s where professional bookkeeping comes into play. In this blog, we will explore the pivotal role and importance of bookkeeping for small businesses in Canada and how it can be a game-changer for entrepreneurs like you.
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The Role And Importance Of Bookkeeping For Small Business In Canada
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Impact Of COVID-19 On Our Business Processes
Taxation and accounting are two of the most complex processes that people have to work and deal with. Whether the individual is running a business, company, or their individual accounts, they have to have their finances and their books in place. Not dealing with their books properly could lead to significant issues with the authorities when it comes to taxation. If they do not pay the correct amounts, individuals can face fines and penalties, even leading to jail time.
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A Beginner’s Guide To Preparing For Tax Season
If this is your first time filing your taxes, welcome to the ride. Taxes sound scary, but if you have the right tools – it’s not as bad as some make it out to be. As you’ll have to do this many times in your life, it’s best to take it slow and not panic. The tax filing process usually happens between March-April every year with the deadline to file on April 30th. In Canada, the filing of your annual taxes is a self assessment process. This means that all individuals and businesses must inform the government about how much they’ve earned, what deductions and credits they are claiming, calculate their total tax bill, and how much they underpaid or overpaid for the year. Calculating these figures can be a daunting task if you don’t know how! Fortunately, the experts at Can-Am CPA Professional Corporation recognize this and have come up with a Beginner’s Guide to preparing for tax season. This guide is designed to help you figure out the ins and outs of filing your taxes, so read on to know what you need to do.
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How To Ensure You’re Working With A Reputed Accountant
Whether you’re an individual looking to file your tax returns for the first time or a business owner aiming to organize your payroll, an experienced accountant can help. A professional accountant has the financial acumen to analyze your receipts, improve your monthly cash flow, and keep you in good books with the Canadian Revenue Agency.
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The 38-Week CRB Ends for Most Canadians: Is a 12-Week Extension Coming?
Original Article Source Credits: Yahoo Finance , https://ca.finance.yahoo.com/
Article Written By: Puja Tayal
Original Article Posted on: June 17, 2021
Link to Original Article: https://ca.finance.yahoo.com/news/38-week-crb-ends-most-150853382.html
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8 things often overlooked when launching a small business
Original Article Source Credits: CPA Canada , https://www.cpacanada.ca/
Article Written By: MICHELLE SINGERMAN
Original Article Posted on: 5.17.2021
Link to Original Article: https://www.cpacanada.ca/en/news/canada/2021-05-17-small-biz-setup
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Government to reimburse self-employed workers who repaid CERB
Original Article Source Credits: Advisor's Edge , https://www.advisor.ca/
Article Written By: Staff, Canadian Press
Original Article Posted on: May 27, 2021
Link to Original Article: https://www.advisor.ca/tax/tax-news/government-to-reimburse-self-employed-workers-who-repaid-cerb/
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Tax Tip - How to tell you've been contacted by the CRA, and what to do if you are
Original Article Source Credits: Newswire , https://www.newswire.ca/
Article Written By: NA
Original Article Posted on: May 26, 2021
Link to Original Article: https://www.newswire.ca/news-releases/tax-tip-how-to-tell-you-ve-been-contacted-by-the-cra-and-what-to-do-if-you-are-826098861.html
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CRA tax tips for the self-employed
Original Article Source Credits: Advisor's Edge , https://www.advisor.ca/
Article Written By: Staff
Original Article Posted on: April 7, 2021
Link to Original Article: https://www.advisor.ca/tax/tax-news/cra-tax-tips-for-the-self-employed/
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Keep taxes simple in the post-pandemic rebuild plan, pre-budget submission suggests
Original Article Source Credits: CPA Canada , https://www.cpacanada.ca/
Article Written By: SOPHIE NICHOLLS JONES
Original Article Posted on: 4.15.2021
Link to Original Article: https://www.cpacanada.ca/en/news/canada/2021-04-15-budget-reccommendations
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How to check if you have unclaimed cheques from the CRA
Original Article Source Credits: CPA Canada , https://www.cpacanada.ca/
Article Written By: MATHIEU DE LAJARTRE
Original Article Posted on: 3.19.2021
Link to Original Article: https://www.cpacanada.ca/en/news/canada/2021-03-19-unclaimed-cra-cheques
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There are new rules this tax season, courtesy of COVID-19. Here is what you need to know
Original Article Source Credits: CBC , https://www.cbc.ca/
Article Written By: Sophia Harris
Original Article Posted on: Feb 27, 2021
Link to Original Article: https://www.cbc.ca/news/business/cra-covid-benefits-1.5928069
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New GST/HST rules for digital sales: What you should know
Original Article Source Credits: CPA Canada , https://www.cpacanada.ca/
Article Written By: Bruce Ball
Original Article Posted on: February 25, 2021
Link to Original Article: https://www.cpacanada.ca/en/business-and-accounting-resources/taxation/blog/2021/february/gst-hst-proposals-for-digital-sales
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Understanding the Voluntary Disclosures Program Rules
Original Article Source Credits: Intuit and QuickBooks , https://quickbooks.intuit.com/
Article Written By: Kari Brummond
Original Article Posted on: NA
Link to Original Article: https://quickbooks.intuit.com/ca/resources/accounting-news/voluntary-disclosures-program-rules/
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What to consider if you still have RRSP contribution room
Original Article Source Credits: Money Sense , https://www.moneysense.ca/
Article Written By: JASON HEATH
Original Article Posted on: JANUARY 25, 2021
Link to Original Article: https://www.moneysense.ca/columns/ask-a-planner/rrsp-contribution-myths-and-facts/
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Canada Revenue Agency: Big Changes Coming in Your Paycheck in 2021
Original Article Source Credits: The Motley Fool , https://www.fool.ca/
Article Written By: Puja Tayal
Original Article Posted on: December 28, 2020
Link to Original Article: https://www.fool.ca/2020/12/28/canada-revenue-agency-big-changes-coming-in-your-paycheck-in-2021/
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Are You Saving for Retirement? Consider This Crucial Decision
Original Article Source Credits: The Motley Fool , https://www.fool.ca/
Article Written By: Daniel Da Costa
Original Article Posted on: December 28, 2020
Link to Original Article: https://www.fool.ca/2020/12/28/are-you-saving-for-retirement-consider-this-crucial-decision/
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TFSA limit for 2021 released
Original Article Source Credits: Advisor's Edge , https://www.advisor.ca/
Article Written By: Rudy Mezzetta
Original Article Posted on: November 20, 2020
Link to Original Article: https://www.advisor.ca/tax/tax-news/tfsa-limit-for-2021-released/
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After CERB: Transitioning to new benefits
Original Article Source Credits: Canada.ca , https://www.canada.ca/
Article Written By: NA
Original Article Posted on:
Link to Original Article: https://www.canada.ca/en/services/benefits/ei/cerb-application/transition.html
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Canada Revenue Agency: You Can Now Apply for the $450 CRCB and CRSB
Original Article Source Credits: Yahoo Finance , https://ca.finance.yahoo.com/
Article Written By: Puja Tayal
Original Article Posted on: October 6, 2020
Link to Original Article: https://ca.finance.yahoo.com/news/canada-revenue-agency-now-apply-120423492.html
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