Canada revenue agency provides certain small businesses with an option to use Quick Method to calculate GST/HST remittances (instead of regular GST/HST reporting method). This method requires a reduced amount of documentation and allows an easier calculation of the GST…
CRA has a Voluntary Disclosures Program (VDP) that grants relief on a case-by-case basis to taxpayers and registrants who voluntarily come forward to fix errors or omissions in their tax filings before CRA knows or contacts them about it. A…
Pre-paid expenses are a type of assets on the balance sheet that results from a business making advanced payments for goods or services to be received in the future. Prepaid expenses are usually recorded as current assets and the value…
Bookkeeping is usually a time consuming and tedious process, which needs to be performed to keep the books up-to-date. Up-to-date financial statements provide sufficient information for any business owner/director to make the appropriate financial decisions. As with advancement in technology,…
A business valuation may be required to value individual assets or to determine the value of a business as a whole. Valuation techniques used will depend on what is being valued. The most common reasons for requiring a valuation of…