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Important Dates

Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. June 15, 2021 – May payroll remittances due June 15, 2021 – Personal income tax returns including a Sole Proprietorship due June…
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Cash Flow Analysis

Cash flow statement is a financial statement that records how cash flows in and out of a business during a specified period. This statement gives a well-rounded picture of a business’s financial health by determining where a business is earning…
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Goodwill

Goodwill is an intangible asset associated with a business combination. Goodwill is usually recorded when a corporation acquires another corporation and calculated as follows: Goodwill = a – b – c a) The purchase price of the corporation b) Fair…
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Quick Method of GST:

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…
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Voluntary Disclosure

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…
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Pre-paid Expenses

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…
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Automate Your Bookkeeping

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,…
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Business Valuations

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…
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