How to Handle Financial Statement Disclosures in Canada
Financial statement disclosures are the notes that sit behind the numbers: the accounting policies you chose, the terms of your debts, and…
Financial Reporting for Non-Profits in Canada Explained
Financial reporting for non-profits in Canada depends on how the group is set up. There’s no single form. A registered charity files a…
Materiality in Canadian financial reporting
Materiality is the test for whether a number, a note or a mistake in financial statements matters to the people reading them. The IFRS wording…
What Is the PSAB and Who Must Follow It?
The PSAB, short for Public Sector Accounting Board, writes the accounting standards for Canadian governments. Its standards apply to…
How Often to Meet With Your Accountant in Canada
How often should you meet with your accountant? Nothing in Canadian tax law sets a number, so it comes down to your deadlines. A sole…
In-house or outsourced accountant in Canada: how to decide
An in-house accountant is your employee, so you pay salary plus your share of CPP and EI. An outsourced accountant is a firm or a contractor…
Red Flags to Watch for Before You Hire an Accountant
The biggest red flag when hiring an accountant is anyone who asks you to sign a blank form or promises a result before seeing your papers. The…
What Goes Into an Accounting Engagement Letter
An accounting engagement letter is the written deal between you and your accountant: what they will do, what you must hand over, when, and for…
What a bookkeeping package in Canada should include
A good bookkeeping package in Canada covers the monthly basics: recording and categorizing transactions, reconciling your bank and card…
How to Communicate With Your Accountant in Canada
To communicate with your accountant well, send information early, in one place, with a plain note on what changed and what you want decided.…