Edmonton Area Bookkeeping Company – Blog / Small Business Learning Center

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…

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…

Employee or Self-Employed?

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…

Taxable Benefits

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…

Job Creation Tax Cut

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…

"Open for Business"

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,…

How to Save Money on Bookkeeping

  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…

Dividends vs Payroll

  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.…

Payroll Obligations to CRA

  As your business starts to grow you may need additional help around the office or the shop. Hiring an employee comes with obligations to the government that surprises many small business owners. This post will address these obligations,…

GST

If you start a business, you will one day need to start charging GST on your products. Once you start charging it, you will also need to start doing remittances based off the schedule you have chosen. Like most things with the CRA, GST has…

Anywhere Bookkeeping

The accounting industry is changing and no longer do you need to come to an office to get bookkeeping and accounting services. Sharing a file is easier than ever and clients can do as much or as little work as they want. This post will briefly…

Mileage Reimbursement

  Using vehicles is an essential part of modern day business. Whether your employee needs to go visit a client, or goes to pick up stamps from the store. You need to know how to reimburse them for the kilometers driven.   Criteria…

Employee Gifts & Awards

  In December we did a post on employee gifts that pertained more towards employee gifts for the holidays. In this post we plan on expanding more into the year round rules on giving employee gifts and awards. We know that this subject…

Tax Time

Tax time comes every year, and is a dreaded time for many, business owners and employees alike. This post is directed at sole proprietor taxes, if you are an employee and have any questions please give us a call and we can discuss your tax…

Payroll FAQ - Part 2

  This is the second post of our payroll FAQs. A reminder that these are general rules, for more specifics please visit the Alberta website through the links in the post. It is important to note, these are the minimum standards that…

Payroll FAQ - Part 1

Payroll is one of the most important aspects of your business if you have employees.  It can also be one of the most complicated functions to understand. The government and your employees expect you to get it right. This is the first…
Binders

2019 CPP & EI Rates

With the new year comes changes to CPP & EI rates. Below are the new 2019 rates, both have been increased slightly over the 2018 amounts.   CPP 2019 2018 Maximum Annual Pensionable Earnings $57, 400 $55, 900 Basic…

CRA Scammers

CRA Scams CRA scams are everywhere right now, you hear about them on the news and you see the signs at grocery stores. These scammers find new ways every day on how to get money from Canadians. We may not be able to get them to stop trying,…
present

Holiday Gifts

With the Holidays fast approaching it is important to discuss employee gifts & bonuses. As with most things for payroll, employee gifts have specific rules to follow. We will start with the disclaimer that this post is only going to cover…
help me with my business

Paying bills and getting paid easily.

Are you being buried in cheques?  How do you get people paid easily?  How are you paying bills?  How are your employees getting paid?  Would you like this to be more automated while still having approval control? There are 2 separate…

Get rid of boxes of paper - Hubdoc makes life easier.

Did you know there is a way to stop keeping all your receipts and still get all your information to your bookkeeper.  Not only that but Bookkeeper will get it real time and stop chasing you for items. Bookkeepers can  stop calling and asking…
CPP on maple leaf

New CPP 2018 and EI 2018 Rates

The new CPP and EI rates have been released for 2018   The employee and employer contribution rates for 2018 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%. The maximum employer…
Cross out phone scams

CANADA REVENUE AGENCY (CRA) PHONE SCAM

CRA will not phone you about owing money! If there is ever any tax money outstanding on your personal or business account, CRA will send a letter to your home address they have on file.  You  will get a brown envelope asking you to call them…
Piggy Bank break

Where did my money go? CRA Seizing accounts

Do you owe money to the CRA? Next time you look at your bank account you may be in for a big surprise! The CRA has been seizing accounts lately for back payments without warning.  Sometimes there are payment arrangements that have been…
Binders

December 31, 2017 Payroll Changes Alberta

Payroll changes are coming December 31, 2017– How will they affect your business? As of December 31, 2017 the Alberta Labour laws are changing - these payroll changes will effect your business if you have any of the below that apply. General…

CRA My Payment - How to Pay the CRA.

A question we get frequently is "I have this CRA bill - how do I pay it?" There are several options to make a CRA payment We can pull the money from your bank account and pay the CRA for you You will need to fill out the correct…
Need Tax Help? Contact On Core Bookkeeping

Proposed Tax Changes 2017 - Will they effect you?

There has been a lot of talk in the media about the proposed tax changes that according to the government will "close loopholes" but according to accountants and small business owners will harm small business. What do you need to know about…
Spell out team with people

Minimum Wage Changes - Alberta

On October first in Alberta there will be a new minimum wage.  What does this mean for business owners with employees? The minimum wage rates have been changing yearly on October 1.  the last scheduled wage increase will be October 1,…
Minute Book

Minute Books - Why you need them.

  Minute Books When incorporating your company, a crucial step you need to take is setting up a minute book. During the process of incorporating, the registry will not make you set one up. However, as a business owner you are responsible…

Health Spending Accounts - HSA - What they are and how they save you money.

Health Spending Accounts - HSA - What they are and how they save you money.   We all have medical costs, but for a small business what options do you have to make them business expenses instead of personal expenses and what is the…

13 ways to save money on bookkeeping

Bookkeeping is a necessary function for all businesses. If you are not well organized and do your daily operations correctly, it can be an expensive venture for a business. To make sure you are getting the most out of your bookkeeping money,…
business plan

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…
business plan

Writing Your Business Plan: Your Roadmap to Success

ave you ever found yourself writing a business plan and thinking, “All I want is the money so I can start this business! Why do I have to go through all of this? Why won’t people just trust that this is a great idea, loan me the money I…