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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 30, 2021 – Fiscal year end March 31st tax payments due June 30, 2021 –…
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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 and spending its cash. Performing a cash flow analysis is essential in success of any…
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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 value of the identifiable tangible and intangible assets acquired c) Liabilities that were assumed. Goodwill…
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Tax considerations for Investment companies:

Any Canadian Controlled Private Corporation (“CCPC”) in Canada which earns investment income (also referred to as passive income e.g., capital gains, dividends etc.) is subject to certain tax regulations that will be discussed below: Refundable portion of Part I tax: In addition to regular corporate income tax levied on all corporations resident in Canada, any…
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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 remittances. For applicable registrants of the GST quick method, they continue to charge their clients…
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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 taxpayer can request to receive a prosecution relief, and in some cases penalty relief and…
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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 of the prepaid expenses is expensed over time as the goods or services are utilized…
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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, there are a few option available for business to automate the bookkeeping process that can…
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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 a business are either proposed sale of the business or a reorganization of the corporation.…
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