Bookkeeping basics for a fitness business in Canada
Fitness business accounting comes down to two questions: are you over the $30,000 GST/HST line, and do you know what you actually keep? A solo…
Accounting for a Canadian Law Firm: Trust and Fees
Accounting for legal practices in Canada comes down to keeping two kinds of money apart. Client money sits in a trust account and never counts…
Changing your business structure, and what moves
Changing business structure in Canada, say from sole proprietor to corporation, creates a new taxpayer. So you don’t just rename the…
Accounting Basics for a Professional Service Firm
Accounting for professional service firms comes down to three jobs: billing on time, tracking unbilled work, and keeping payroll and sales tax…
Tax Rules for Canadian Manufacturing Businesses
A manufacturer in Canada pays the same federal corporate rate as anyone else: 15% on general income, or 9% on the first $500,000 for a…
Privacy Rules Every Canadian Bookkeeper Should Know
Privacy law touches bookkeeping the moment you hold a name next to a dollar amount, and in most of Canada that means the federal PIPEDA. It…
Audit Trail Rules for Canadian Bookkeeping
An audit trail in bookkeeping is the chain that lets someone follow a number in your reports back to the document that created it, and the CRA…
Compliance rules for foreign-owned businesses in Canada
A foreign-owned business in Canada has three layers of rules to meet: the tax rules (a T2 return, plus withholding and reporting on payments…
PIPEDA Compliance for Accounting Practices in Canada
If you run an accounting practice or a bookkeeping business in Canada, PIPEDA applies to the personal information you collect in the course of…
Reporting Thresholds for Large Transactions in Canada
The reporting thresholds for large transactions in Canada mostly sit at $10,000. A bank, casino, money service business or other reporting…