Over my career, I’ve seen a lot of journal entries and I’ve seen what can happen to someone’s livelihood when bookkeeping mistakes are made. The fact is, that one of the most common reasons a business fails is due to poor financial management. Your financial records will tell you where you stand: How much cash you have, Where the cash…
We have all heard of the shoebox accounting system where all of the receipts are put into a box and taken to the accountant or bookkeeper to be sorted and turned into financial statements or a tax return. If you really want to save on professional bookkeeping fees (and your bookkeeper will appreciate it), here is a sure fire filing system to…
Over the next 2 – 3 weeks, you will start receiving your tax slips in the mail. Most T4’s and T5’s must be submitted to you by the end of February and T3’s will follow a short time after. As you start getting ready to file, you may want to consider using a professional to help you with your tax…
Bookkeeping is an important part of your business! The information in your bookkeeping system tells you how your business is performing and helps you make informed decisions. Without an effective bookkeeping system, you can easily lose track of you cash flows and potentially get in some hot water with the CRA. Bookkeepers Save Time As a busy business owner, it’s…
Whether you buy and sell homes as a business or hold real estate for rental purposes, knowing the tax consequences can save you from costly surprises. Business Income or Capital Gains If you are in the business of buying a home, making some changes and then reselling it for a profit then all of your gains are taxable and losses…
The shareholders agreement is an important part of your business. It addresses many common situation business owners may face when they have partners in the business. Your shareholders agreement is also part of your succession plan and deals with what happens on your death. If you have a shareholders agreement, does it provide enough flexibility for your executor and the…
