Canada’s COVID-19 Government Programs

The Canadian government has announced a number of COVID-19 programs to assist individuals and business to get through these difficult times. Some of the government programs are: Canada Emergency Response Benefit (CERB) Temporary income support for workers who have stopped working or are earning less than $1,000 (before taxes) in a month due to COVID-19. …

Continue reading Canada’s COVID-19 Government Programs

3 Services to Ask Your Toronto Accountant About

Many people think that accountants only file taxes once a year and that is the extent of the services offered. There are several other items to consider asking your Accountant Toronto about. Review Engagements Licensed Public Accountants in Toronto are able to perform review engagements for clients. This is where the accountant will assess the …

Continue reading 3 Services to Ask Your Toronto Accountant About

9 Questions You Need to Ask Before Hiring a Small Business Accountant

Hiring the right accountant Toronto for you and your small business is not that simple, so here are some questions you should ask that are critical to finding the right fit for you... Do you have an accounting designation? Do you have a legacy designation, if so, which one? (CA, CMA or CGA - I …

Continue reading 9 Questions You Need to Ask Before Hiring a Small Business Accountant

What is a Section 85 Rollover and Why You Might Need It

One of the most common tax planning tools use by accountants, but fairly unknown by anyone outside of the industry is the S. 85 rollover. The S. 85 rollover allows an eligible transferor and transferee to jointly elect to move assets or property on a tax free basis. The transfer would be done at an …

Continue reading What is a Section 85 Rollover and Why You Might Need It

What Independent Contractors Need to Know about Deducting a Home Office

A major tax benefit for someone who is a self-employed independent contractor is the business-use-of-home deduction, but many people do not understand the rules. The first thing that taxpayers in Toronto need to understand when they are working as independent contractors is whether or not they actually meet the criteria for being a self-employed contractor, …

Continue reading What Independent Contractors Need to Know about Deducting a Home Office

3 Things a Dentist Should Look For in an Accounting Firm

Choosing a dental accountant to work with is crucial to Dentists in Toronto and here are a few things that the Dentist should keep in mind when making the choice... Experience It is important to with with a dental accountant that has experience working with Dentists and medical professional services in general. There is specific knowledge …

Continue reading 3 Things a Dentist Should Look For in an Accounting Firm

Can I Own Stocks and Investments in My Corporation?

Many small business owners start to accumulate money in their corporate bank accounts, and want to invest the funds, but do know or understand if there are tax implications... It is perfectly acceptable to invest excess funds within a corporation. The new rules in 2018 caused some new implications of investing within a Canadian Controlled …

Continue reading Can I Own Stocks and Investments in My Corporation?

How Do I Choose a Toronto Accountant?

People often simply search "Accountant Toronto" and pick a firm to call... There is much more to choosing a accountants in Toronto than simply looking at Google reviews. While the reviews are important, they are only a small piece of the puzzle. Some important considerations when selecting a Toronto Accountant for your small business are: …

Continue reading How Do I Choose a Toronto Accountant?

What Happens During a CRA Audit for a Small Business in Toronto?

People often talk about "not wanting to get audited" when they are preparing their books for the year-end tax return of their small business in Toronto... What most people do not realize is that any penalties and interest resulting in audit findings are only one potential "cost" associated with the audit (assuming there were errors …

Continue reading What Happens During a CRA Audit for a Small Business in Toronto?

Should I Hire a Professional Bookkeeper for My Small Business in Toronto?

Many people don't seem to understand the value of hiring a professional bookkeeper for their small business... Hiring a professional bookkeeper can add a lot of value to your small business. Simply purchasing the best cloud accounting software such as QuickBooks Online does not suddenly make the business owner a professional bookkeeper. Some of the things that …

Continue reading Should I Hire a Professional Bookkeeper for My Small Business in Toronto?