Essential Steps for Effective Bank Reconciliation

Bank reconciliation is a crucial bookkeeping task that ensures your accounting records align with your bank statements. Reconciling your accounts regularly helps identify errors, detect fraud, and maintain accurate financial records. This post outlines the steps involved in performing a bank reconciliation manually, with references to how this process works in QuickBooks Online (QBO), QuickBooks Desktop, and Xero. What Is…

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Child Care Expenses

Child care expenses are claimable if paid to a third party while you or your spouse work or study, with only the lower-income spouse eligible to claim. The child must be under 16 or have a disability. Receipts with specific details are required to support claims for various childcare services.

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2020 Q2 Tax Tips & Traps Newsletter

I am pleased to announce that Tax Tips and traps is back! In this quarterly edition: Tax ticklers - Some points to considerStarting a business and not getting paid - Can I collect EI?Tips- Reporting IssuesReal estate sales- Taxable or not?Contributions of goods and services to an NPO- Tax ImplicationsHome accessibility renovation credit - Increase in Home Value?Working from home…

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Newsletter – Financial Relief For Canadians

This newsletter has been prepared to provide an overview of the tax measures and assistance available to businesses and families in the midst of the Covid-19 pandemic. A copy of this newsletter can be downloaded here. It is a concise summary of the measures announced up to and included Wednesday April 9, 2020. Discussed in the newsletter: Filing deadline and…

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