Which Financial Statements Does a Canadian Business Need?
The financial statements a Canadian business needs depend on how it’s set up. A corporation that files a T2 return gives the CRA its…
How to Simplify Bookkeeping for a Small Business
The simplest way to simplify bookkeeping in Canada is to do a little on a fixed day, keep business money in its own account, and photograph…
Basic Bookkeeping Requirements for Canadian Businesses
The main bookkeeping requirements in Canada: keep records that let the CRA work out your taxes, and keep them for six years from the end of…
Main Accounting Principles Used in Canada
Canadian accounting principles are the rules in the CPA Canada Handbook, set by the Accounting Standards Board. Which part applies to you…
How Often Financial Statements Are Needed in Canada
Most small businesses need financial statements once a year, because the CRA wants a corporation’s return within six months of its…
Common Bookkeeping Mistakes Canadian Businesses Make
The most common bookkeeping mistakes in Canada are mixing personal and business money, skipping the bank match, leaving GST/HST out of the…
Employee Advances in Canadian Accounting
Employee advances are treated as pay, not as loans. The CRA says a payroll advance on future earnings is generally employment income in the…
Manitoba bookkeeping: RST, records and returns
Bookkeeping requirements in Manitoba are built around one tax the other Prairie provinces treat differently: the 7% retail sales tax, or RST.…
How Property Taxes Differ Across Canadian Provinces
Property taxes differ across Canadian provinces in how they are built more than in one headline rate. Each municipality sets its own rate, the…
Business accounting in the Prairies
The accounting considerations for businesses in the Prairies start with sales tax, because the three provinces handle it three different ways.…