Entries by oc_admin

Minimize taxes by PLANNING your income

Tax season, at least with your bookkeeper, should be November & December. Tax season is about doing your income tax return and paying the taxes that you owe.  But without planning the income you are taking, that may not always be the best approach. Good bookkeeping will put you in an ultimately position tax situation.

Are you an Oilfield or Construction Consultant?

In our business, we have many construction and oilfield consultants that we do bookkeeping for. I can honestly say that they tend to be a different type of client with special needs.The equation for each consultant seems to be a familiar one. They work for large companies. They make a decent wage They have few […]

Are you part of the “underground economy”?

There has been some talk recently about CRA having a 3 year strategy about focusing on the “underground economy”.  I have read the material that CRA has sent out.  If you are wanting details, I have put the link at the end of this blog.  As I have a few clients that I think may […]

5 Things Your Bookkeeper Must Have

Hiring a bookkeeper can be tough and confusing! Without knowing how to do books yourself, you may not know if you are hiring the right person for the job. First of all, you should understand that bookkeeping is an unregulated industry. Therefore, anyone can call themselves a bookkeeper, and there is no specific skill set […]

Top 5 Things to Attract a CRA Audit

The question of “How does Canada Revenue decide on whom to do a CRA audit” has been asked many times. What are the key items which CRA can look for? While we can never predict who will become the next target for a trust exam or CRA audit, a professional bookkeeper should know the general […]

Business owners are taxed differently

Small business owners often think of their cash and their corporation’s cash as the same. But you are taxed differently than your corporation. You are two different legal entities.  The cash the corporation generates and the cash you take out are often two different accounts.  As a business owner, you often have choices about how […]

Alberta Budget tax changes

As everyone knows, the new budget was put into place. For weeks, we had heard about tough cuts.  However, when the budget was eventually released, the cuts are not really so tough (at least not for businesses).  But there certainly were increased tax items that will affect you as a business owner. As with most […]

How to organize yourself for your taxes

Remember last year when you had a shoebox of receipts, and you promised yourself you wouldn’t do it again this year? The Shoebox. A well known container for little receipts smaller than your last pair of shoes.  It is true…many of us get so busy running our business that we forget that one day in […]

Running from the tax man?

It is that time of year that brings out the worst in our pocketbook and the best in our pride. Nothing says success like looking at your numbers for the year to find out that you made more money than you thought you would make.  But that benchmark of fame brings a price tag (and […]