What is the SR&ED tax credit in Canada?
If your company invests in research and development, claiming the Scientific Research and Experimental Development (SR&ED) tax credit can…
How to record GST/HST in Canadian bookkeeping?
Ensure that you accurately record the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) collected from clients to maintain…
How to record CRA payments in Canadian bookkeeping?
Always record CRA payments as reductions in liabilities rather than income. This ensures your financial statements accurately reflect what…
How to handle vehicle expenses in Canadian tax accounting?
Track all vehicle-related expenses meticulously to maximize your tax deductions. Use clearly categorized records for fuel, maintenance,…
How to account for CPP and EI contributions in Canada?
Ensure that contributions to the Canada Pension Plan (CPP) and Employment Insurance (EI) are accurately documented in your payroll system to…
How to handle tax installments in Canadian bookkeeping?
Tax installment payments are a critical component of maintaining accurate and compliant bookkeeping for Canadian businesses. Properly planning…
How to handle PST/QST in Canadian bookkeeping?
Properly managing Provincial Sales Tax (PST) and Quebec Sales Tax (QST) requires clear strategies to ensure compliance and accurate reporting.…
Can you do your own bookkeeping in Canada?
If you have a straightforward business setup with minimal transactions, managing your own bookkeeping can be a practical choice that saves…
How can I simplify my bookkeeping process in Canada?
Switching to cloud-based accounting software can drastically reduce time spent on manual data entry and minimize errors. Tools like QuickBooks…
What is the difference between accounting and bookkeeping in Canada?
Start by recognizing that bookkeeping and accounting serve distinct functions within financial management. Bookkeeping involves recording…