Edmonton Area Bookkeeping Company – Blog / Small Business Learning Center

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…
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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…
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hammer smashing pink piggy bank

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…
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Employee binders with grey calculator, payroll paperwork

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…
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Canada Revenue Agency logo on transparent background

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…
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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…
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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,…
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Books stacked messily, minute books graphic

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…
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Canadian Money

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…
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White piggybank on Canadian flag with coins around it

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,…
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Tax Scrabble with Clock

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…
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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…
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Consult a bookkeeper

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. …
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Man in suit with staff standing behind him handing gold present

5 Secrets to Corporate Gift Giving

Companies typically give gifts to three groups of people: their clients, their employees and prospective large clients. Gifting is a must, so it should not be seen just as an expense but rather as an investment. You invest in building a relationship…
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Hand writing CASH FLOW with blue marker

How To Gain Control Of Your Cash Flow During The Holiday Season

With the holiday season coming up, thousands of small businesses are prepping to sell more than they’ve sold all year. It’s the time when orders are piling up, your staff is working hard to get those shipments moving and everyone’s…
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Credit Score represented through street signs

Credit 101

Credit. Essentially, it’s your financial score card that the business world uses to determine whether or not they should lend you money, give you a credit card, rent to you, insure you, or even employ you. Your credit score tells whoever’s…
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Marking Communications Plan

Why Your Business Needs a Marketing Communications Plan

“He who fails to plan is planning to fail.” Sir Winston Churchill Too often we run into small business owners who are disenchanted with the time and money they are investing in marketing communications as they don’t believe they are…
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man holding sign that represents Stop Taxes

Did you avoid filing your taxes this year?

Many accounting firms report a familiar trend every tax season. What is the trend, you ask? Clients announcing they have several years of returns to file or because they think, they owe money have not done their return. Either way this avoidance…
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Red and White don't get penalized Text

5 ways to get penalties from the CRA

The taxman makes a lot of money in interest and penalties from taxpayers.  The sad thing is that taxpayers often didn't have to incur them, but many times they do just because they "didn't know".  Here are some common ways that business owners…
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Stack of Money cut in half

Why do I need a bookkeeper?

Do you need a bookkeeper?  Well, we have an interesting answer. I had an interesting conversation with a client this week and I wanted to share his perspective. He is a small consultant, with no employees. As we discussed his books…
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Canada Revenue Agency

Utilizing the CRA to your advantage

Rather than avoiding the CRA, why not utilize the online options open to you? You can track your income and previous years taxes, find out what entitlements you are able to receive and what your forecasted pension amount will be. Let’s look…
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Canada Revenue Agency

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. …
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People holding signs

Bookkeeper vs Accountant – What’s the Difference?

Customers are often confused between the roles of a bookkeeper vs an accountant. Although accountants have many functions, for most small businesses The roles of the accountant and the bookkeeper are very different roles. …
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Women discussing bookkeeping while smiling

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.…
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audit stamped paperwork with calculator

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,…
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Business owners are taxed differently

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…
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Alberta Budget tax changes

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…
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How to organize yourself for your taxes

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…
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Tax Man

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…
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Do you have adequate disability insurance?

Do you have adequate disability insurance?

During this tax season, I get the opportunity to speak with almost all of my clients as we decide what their payroll will look like, and how they will take their money out of their company. An area of concern for both me and my clients is how…
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Canada Provincial Tax Map

Online business – applying Canadian taxes

This remains a very confusing area for many people selling their products and services in an online business.  The regulations by Canada Revenue Agency are pretty clear that the tax applies where the individual takes receipt of the product.…
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Tax Scrabble with Clock

Learn to pay MORE tax

Now you wouldn’t think that a blog would start off with how to pay more tax. But in fact I’m going to teach you exactly how you can pay more tax. I bet this will be easy, becuase I would bet that you are already doing it. How do you…
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Tax Scrabble with Clock

Are you hiring a bookkeeper?

The IPBC leads the way in certification for the Canadian Bookkeeping industry. Read what they have to say about hiring a bookkeeper.  
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