Entries by Ashley Kyle

COVID-19 Update

To our valued customers,   COVID-19 is at the forefront of all our minds as the outbreak continues to spread. On-Core would like to assure you that we are closely monitoring the situation and acting based on all recommendations from the Public Health Agency of Canada. The health and well-being of staff and clients are […]

EI 2020

EI rates have been announced and will again be changing in 2020. The amount of EI you will need to pay has actually decreased slightly this year.    Below is a chart showing both the 2020 and 2019 EI information.    2020 2019 Maximum Annual Earnings $54,200 $53,100 Contribution Rate 1.58% 1.62% Maximum Annual Employee  […]

Record of Employment

One of your payroll obligations is to create a Record of Employment (ROE) for your employees when there is an interruption in earnings. It is the document used by Service Canada when someone has applied for EI (this includes maternity leave).  Some employers are not aware of their requirement to file a ROE, which can […]

TFSA

A Tax-Free Savings Account is a useful tool in your savings arsenal. However, many people do not understand that there are rules to how much you can contribute to a TFSA each year. If you over contribute the CRA can and will charge you a tax. This post will cover FAQs about TFSAs. Including, what […]

CPP 2020

CPP rates have been announced and will again be changing in 2020, this is part of the first phase of the CPP enhancement program started by the government in 2019.    Below is a chart showing both the 2020 and 2019 CPP information.    2020 2019 Maximum Annual Pensionable Earnings $60,100 $57,400 Basic Exemption $3,500 […]

Do you need to make installments?

Whether business or personal, everyone knows that the time will come when they must pay the CRA. However, what may surprise you is that the CRA sometimes demands their money in installments. You need to be prepared to make these installments, or the CRA will charge you interest and penalties. Below are the thresholds to […]

Balance Sheet Accounts – Part 2

The bottom half of the balance sheet will contain the liabilities information of the company. The liabilities are important to understand, as it will show how much money the company owes to various sources. Knowing what the company owes is an important aspect to cash flow. It will also help to cut down on surprises.  […]

Balance Sheet Accounts – Part 1

Understanding reports that bookkeepers send will help owners gain a better knowledge of their business operations. Owners can use this information to advance their business and make smart decisions. This is the first blog post of 2, that will help a business owner understand the Balance Sheet.    The top half of the Balance Sheet […]