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Canada child benefit: How your family is affected by the latest changes
An average Canadian family with two children will see approximately $200 increase in Canada Child Tax Benefit payments in 2018, and about additional $500 in 2019 In the last fall economic update, the Liberal government announced that beginning of July 2018, Canada child tax benefit payments will be adjusted as the cost of living increases – almost two years earlier
When Starting a Business, Beware All the Taxes and Regulations
Small business is the engine of our country’s economy, and both political parties have interest to grow our economy. Therefore, you would think that the government would make it easy to start a small business. well, You’d be wrong. If you plan to start a small business, you will face a complex set of federal, provincial and local requirements. There
What is Social Insurance Number (SIN)?
The Social Insurance Number (SIN) is a unique 9 digit number that is allocated to each and every individual by the government to be used for the income and tax purposes. It is a government requirement for every individual to be eligible to work in Canada and to calculate any government subsidies and income support programs. HISTORY LESSON The SIN
3 types of RRSPs
The most common type of RRSP, otherwise known as Registered Retirement Savings Plan is an individual plan that you open by yourself. If you are married or have a common-law partner, you can also open a spousal RRSP. You can also opt-in to contribute to a group RRSP sometimes offered by employers as a form of employee benefit package. 1.
Principles of Book Keeping
Bookkeeping requires adhering to basic accounting principles that are generally accepted in the bookkeeping practice. These principles must be universal among all bookkeepers for them to be of equal measure to value business’ financial standing. Every business owner should have at least some knowledge of the basic accounting principles to apply in running a prosperous business. The business owner who does not
Preparing for a Car Audit? Learn what to expect!
A car audit is normally conducted to confirm and uncover valid car expenses claimed when filing your tax return. When claiming car expense, one of the pre-requisites to be eligible to make the claim is to provide the general car information. It does not necessarily mean that the CRA is looking to collect information to penalize you, they usually conduct random spot
Signs of a Suitable Bookkeeper
Hiring the right bookkeeper can be a daunting process especially for the small business owners. You need to find a bookkeeper with a strong financial management and accounting skills to help you make sense of the complex numbers. A great bookkeeper will stay on top of the technological advancements in accounting software to help you to automate some of the
Bookkeeping Analysis Tools
Bookkeeping in accounting refers to an accurate record keeping of financial transactions. The financial statements are prepared from the transactions that have been identified, approved and sorted in order for the information to be meaningful. For example, some of the company’s financial transactions that are analyzed to produce insightful financial statements include: 1. Purchases of supplies in cash and credit
Essential Questions to Ask When Hiring Tax Professionals
There are different types of tax preparers such as tax lawyers, enrolled agents and CPA (Certified Public Accountants). In most cases, you need to make sure that the tax professional that you will hire is capable of preparing your tax return accurately. You should be able to trust him with your personal and sensitive information. Your tax preparer will have
What to Do When You Realize You Made Mistake on Your Personal Tax Return?
Sometimes, no matter how thorough we are in filling our income tax return, we can realize that we made mistakes that could end up costing us loads of money in the long run. Forgot to file a missed invoice, or perhaps lost receipt for a hefty medical expense? Your mistakes may cost you missed out tax payouts or cause that
What New Technology Brings to Accounting/Tax Needs
Technology plays an important role in all aspects of daily life, with no exception to the accounting profession. However, a computer can’t replace an accountant or a tax professional be it today or anytime in the near future. The computer can be an effective tool, but it can never replace professional judgment of complex accounting and tax situations. But just like
Nature and Purpose of Financial Statements
Financial statements are essential indicators whether the business is running successfully. These are essentially the results of your business operations translated into numbers. These numbers can be then used for internal and external review of the viability of the business, where money is going and what is coming in. Types of Financial Statements There are three types of financial statements.