Edmonton Area Bookkeeping Company – Blog / Small Business Learning Center

Canada Emergency Business Account

At the beginning of COVID-19 the Canadian Government introduced the Canada Emergency Business Account (CEBA). This is a helpful tool for businesses that are short on cash-flow due to the on-going pandemic.  CEBA is an interest-free loan…

Climate Action Incentive

On January 1, 2020 the federal government instituted a carbon tax in Alberta. To help offset the amounts paid, they have also introduced the Climate Action Incentive for Alberta residents.    Alberta is not the only province…

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…

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…
Binders

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). …

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.…

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…

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,…

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…