Common Bookkeeping Mistakes to Avoid: A Roadmap to Financial Accuracy
Accurate bookkeeping is the foundation of sound financial management for businesses of all sizes. Properly maintained financial records not only ensure compliance with tax regulations but also provide valuable insights into your company's financial health. Unfortunately, there are a number of bookkeeping mistakes that are commonly made that often lead to financial discrepancies, compliance issues, and missed opportunities. In this blog post, we'll explore some of the most common bookkeeping mistakes and provide you with a roadmap to financial accuracy.
The Art of Expense Tracking: Tips for Efficient Bookkeeping
Effective expense tracking is a fundamental aspect of sound bookkeeping and financial management for any business, large or small. It not only ensures that you have an accurate picture of your financial health but also helps you make informed decisions. In this blog post, we'll delve into the art of expense tracking and provide you with practical tips to streamline this critical aspect of financial management for your business.
Understanding the Canadian Tax Filing Deadlines: A Comprehensive Guide
Tax season in Canada can be a stressful time for individuals and businesses alike. To alleviate some of that stress and ensure you meet your tax obligations without any setbacks, it's essential to have a clear understanding of the Canadian tax filing deadlines. In this comprehensive guide, we'll break down the various tax deadlines in Canada, explain their significance, and offer tips for staying organized and compliant.
Key Tips for Entrepreneurs and Small Business Owners
If you've registered a corporation in Alberta or are considering doing so, it's essential to understand the ongoing compliance requirements. One crucial aspect of maintaining your corporation's status is the annual return. In this blog post, we'll unravel the mysteries surrounding Alberta's annual return requirement, why it's important, and how to fulfill it.
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Items to consider before incorporation.
As a corporation, you can be separate from the business and therefore, determine how much income you wish to take from the corporation. You must declare all income that is taken from the entity for yourself personally, to record on a personal tax return. This is done by way of a T4/T5 filing requirement in February each year.
5 things to consider when hiring an accountant
When choosing an accountant, they should be a good fit for your business. Here is a few things to consider when having an initial meeting with an accountant.