Is cash or accrual accounting better for Canadian small businesses?
Selecting the most suitable accounting method can significantly influence your business’s financial clarity and tax obligations. Cash…
How is Canadian accounting different from US accounting?
Adopting the correct accounting approach for each country simplifies financial reporting and prevents compliance issues. Canadians rely…
What financial statements are required for Canadian businesses?
Prepare accurate financial statements to ensure compliance with Canadian regulations and provide clear insights into your business…
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…
What is the fiscal year in Canada?
Mark the start and end dates of Canada’s fiscal year to ensure accurate financial planning and compliance. The fiscal year begins on…
How long should you keep accounting records in Canada?
Maintain and store financial documents for a minimum of six years from the end of the last tax year to ensure compliance with Canadian tax…
How often should bookkeeping be done for a small business in Canada?
Adopting a routine of weekly bookkeeping significantly reduces errors and ensures that your financial records remain accurate and up-to-date.…
What are the basic bookkeeping requirements for Canadian businesses?
Keeping accurate financial records forms the foundation of a successful Canadian business. Having a comprehensive bookkeeping system ensures…