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 […]
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. […]
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 […]
Are you self-employed or an employee? It is important that you understand and define your working relationship from the start, as it can be a costly mistake to make. If you are an employer, who has wrongly assumed that you are working with a subcontractor, you will end up needing to provide the government with […]
Employers often give their employees additional compensation and perks beyond their normal salaries. This can be an important aspect of employee morale. However, it is imperative that employers understands that these are taxable benefits. As with all employee compensation, the CRA has rules for these that you must follow. In previous blog posts we have […]
On Monday, July 1st, Bill 3 from the UCP came into effect. This bill is what they have called the Job Creation Tax Cut. You have probably heard about it on the news, and you may not be sure what exactly what this means for you as a business owner in Alberta. Small Business Tax […]
A couple weeks ago the UCP introduced a new bill, Bill 2 or the Open for Business Act. As a business owner, this bill will directly impact the way that you are required to pay your employees. The changes will take place on two different dates, June 26th and September 1st of this year. The […]
Bookkeeping costs can add up quickly, and it doesn’t take long before it becomes overwhelming. This leads to business owners deciding that professional bookkeeping isn’t worth the cost. They may start looking for a bookkeeper on Kijiji who can do their books for cheap. However, like most things in life, you get what you […]
If you are a shareholder in your business, you may have heard about going on the payroll vs. taking dividends. This post will not recommend one over the other, as that is a discussion that you need to have with your accountant. Every situation is unique and taking one or both, requires an intimate […]
