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…
What are the main accounting principles in Canada?
Implementing the fundamental accounting principles ensures that financial statements accurately reflect a company’s financial health and…
What records must be kept for Canadian tax purposes?
Maintaining organized records is key to ensuring smooth tax filing and avoiding penalties. Keep detailed documentation of all income sources,…