When you get into the ebb and flow of the day to day - buying supplies, selling goods and services, fulfilling customer orders, getting more business – there are a lot of things that fall by the wayside. And staying up to date with company records is one of them for many business owners.
If you own a corporation in Canada, one record you are required to keep is an up to date company minute book. Which is something that some business owners aren’t aware of.
Your business’ income statement (also referred to as a statement of earnings, statement of operations, statement of income or profit & loss P&L statement) is one of the most important statements for you to understand.
If you are feeling a little lost when it comes to talking about accounting and bookkeeping, you’re not alone. Sometimes accounting terms can get confusing, and the many words and acronyms used doesn’t help.
If you are working with a good accountant, they will be able to explain the most complicated accounting concepts to you in easy terms. But going in with a basic knowledge of accounting terminology can help bridge the gap.
When you start a small business in Canada, you have the option to structure your business in one of three ways. You can be a sole proprietor, enter into a partnership or run a corporation by incorporating your business.
Hiring an apprentice is an excellent human resource strategy. It helps reduce the challenges of skill shortages as tradespersons retire, and ensures a regular supply of trained workers.
As a business owner, you are legally obligated to maintain records that are complete and dependable, including supporting documents. You are also required to protect these records (even if they are held by a third party) and maintain a backup.
Like many businesses, real estate agencies have had to adjust their operations in light of recent events. But regardless of everything that is going on around us, buying and selling homes is still top of mind for some Canadians, whether they are looking to downsize to save money, moving cities for better job opportunities or other reasons.
Some Canadians may be considering selling their home but are holding off, hoping that there will be more buyers and chances to maximize profits later in the year.
This year was out of the ordinary when it came to filing taxes. But although taxes did not need to be filed until June 1, many things are still the same. Including what happens once your return is filed.
After you file your tax return, the Canada Revenue Agency (CRA) will review your return and send you a Notice of Assessment (NOA).
In most situations, nothing will have changed. The NOA will match what you filed on your tax return. But there are some instances where adjustments will be made.
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