Online Accounting Software Solution
Bookkeeping and beyond. Get the smarter tools you need, and the assistance to keep you confident. No need to be an accounting expert QuickBooks keeps everything organized in one place, so you’re tax ready all the time. Easy-to-read reports and dashboards deliver accounting insights to help you make smarter business decisions. 98% of customers agree […]
Canada Emergency Wage Subsidy (CEWS)
On Saturday April 11, Parliament passed Bill C-14 which is the legislation to implement the CEWS. The legislation is complex and due to its hastiness has some unknown parts, unintended and intended consequences, and gaps yet to be addressed. Due to its complexity, it will take a while to fully analyze its implementation. The intent […]
Canada Emergency Business Account (CEBA)
This program is for loans to certain qualified small businesses (either incorporated or as a proprietorship) and non-profit organizations that have a business number. The CEBA is: Interest-free loan of up to $40,000 for qualifying small businesses and non-profits. If the full $40,000 is borrowed, $10,000 of the loan (25% of the base loan) is […]
Common Uses of a Holding Company
A Holding Company is simply a Company that owns the shares of another Company (a subsidiary Company). Usually Holding Companies do not do any active business. The active business is done in the subsidiary Company. Some common uses of a Holding Company include: A tax advantage in Canada exists in that intercorporate dividends between a subsidiary […]
Foreign Exchange Taxation and Financial Statement Rules
Financial statements may be prepared using rules to account for foreign exchange gains and losses (which form part of business income) that differ from the rules to calculate foreign exchange gains and losses for income tax purposes. These differences may significantly affect the taxable income of a business and consequently a thorough analysis of how […]