Some things never change, but the compilation standard isn’t one of them. The Auditing and Assurance Stands Board (AASB) has revised the standard for compilation engagements. The changes are effective for periods ending on or after December 14, 2021. Under these standards, a new compilation engagement report will replace Notice to Reader (NTR).
Since 2020 the Canadian government has been helping business owners across Canada with benefit programs to help cover fixed costs during lockdowns, as well as to boost rehiring as the country begins to reopen.
The Government of Ontario has launched a new online program to help make managing your business and non-profit corporation easier. This program is the Ontario Business Registry and it will allow you to do over 90 transactions online.
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.
Canada United, created by RMC is a movement to support local businesses across Canada. The Canada United Small Business Relief Fund (CUSBRF) was created to help small businesses with the cost of expenses to reopen safely, or adopt e-commerce technologies to conduct more of their business online.
Over $14 Million has been contributed by the Federal Government, RBC, and Canada United partners to support economic recovery due to COVID-19.
2020 has been an anomaly in terms of filing due dates and paying your tax bill.
Owning a business can be a lot of work. You’re a wearer of many hats.
And because you’re so busy focusing on marketing, scheduling and getting the day-to day business done, sometimes you drop the ball on other areas … for most businesses this tends to be bookkeeping and tax planning.
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.
