I have known Brian Doyle as a trustee master for a few years however, I have known about the company that he co-founded Doyle and Salewski for a long time. He is an amazing person, he responds to email lightening fast, extremely knowledgeable, straight, just to name a few. He is a great asset in any mastermind group. I’m privileged to know him and now call him a friend. Here is my latest discussion with Brian concerning CEBA Loan. I tried for this loan to be forgiven but non only the ruling liberals did not listen, the opposition did not support it either. At least the issue was brought ...
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This is what I told John, a client of mine. John is a lawyer and asked me to review his financial statements. While I was reviewing the income statements, I noticed that the total salary for the 12-month period was $45K. I looked in more detail on his corporation QuickBooks Online (QBO) file and notice his salary was at $22K. I looked at John and said, you made less than your receptionist?! His response was Moe, I’m growing the company. I said totally wrong but explain your rational. He said, I don’t take high salary so I keep more money in the corporation and then I can use the money to grow ...
As a business consultant, I have witnessed firsthand the struggles of my clients who have borrowed funds through the Canada Emergency Business Account (CEBA) to keep their businesses afloat amidst the economic turmoil caused by the pandemic. These are hardworking individuals who contribute significantly to our economy, yet they find themselves unable to repay these loans due to continued financial hardship. The CEBA was designed as a lifeline for small businesses during an unprecedented crisis. However, with over 800,000 approved applications and nearly $35 billion disbursed as of January 2021...
Payroll handling can be hard for businesses in a number of ways. Some of the duties that come with payroll in Canada are handling employee turnover, time off requests, making sure that deductions and payments are made in line with the law, and running benefit plans. If you don't want to pay for an in-house payroll manager, you can outsource payroll services to take care of all the routine tasks involved in running payroll for your team. Payment processing can help your small or big business save time, money, and stress. You can be sure that the payment for your business is being done correctly...
Whether you're an individual taxpayer or a business owner, understanding how to communicate with the Canada Revenue Agency (CRA) effectively is crucial for managing your finances and ensuring compliance with tax laws. From seeking taxpayer relief to disputing assessments through an objection letter or filing specific forms like the T2062, the process requires a clear understanding and strategic approach. In this comprehensive guide, we'll cover: Engaging with the CRA: Understand the intricacies of effective communication.Submission Process: Learn how to submit documents online with ease.Drafti...
A few years ago Taylor started a little YouTube business start up as a side business and started to post her videos about astrology. She also had a link from her YouTube channel where she was selling items that was related to the videos. Next thing that she knew, she started to get tons of people following her YouTube channel. This is an area that never gets old. People have been fascinated with fortune telling and cosmic interpretations. She also her social media channel and started to get lots of followers there as well. Her weekend and overnight business took off and she was making wa...
In Canada, HST can be a complicated topic. Each of these processes—applying for a HST number, charging the appropriate amount, subtracting HST, remitting HST—has its own set of rules that can vary from province to province. You must become well-versed in the nuances of managing your HST number if you have recently launched a new company or are taking over the duties for charging and remitting HST. To assist you in navigating the system, the experts at Numetrica CPA have compiled the most frequently asked "how to" questions on HST. Learn all there is to know about handling your HST duties in Ca...
When you are in charge of a business, tax time can be especially stressful. It is hard to figure out the corporate tax rate because rules can change every year and the corporate tax rate varies from province to province. This is true even for small businesses with few assets and low revenue. This post goes over the specifics of Canada's corporate tax rate and how the different rates can affect your business. Learn everything you need to know about federal rates, CPCC rates, historical rates, and rates for investments and capital gains. Note that you should always talk to a professional tax acc...
It is not as simple as filling out a T2 form and submitting it to the Canada Revenue Agency (CRA) in order to complete the process of reporting your corporation's taxes. In addition to submitting the T2, you will also be required to submit certain "schedules" in order to satisfy the tax responsibilities that are associated with your corporation. The CRA requires you to utilize these T2 schedules so that they can receive supplemental information about the tax return and filings that your corporation has made. A corporation can be required to complete and submit any one of the dozens of differen...
What exactly is meant by "Vacation Accrual"? The concept of vacation accrual, which is also known as leave accrual, refers to a system that enables workers to build up paid time off (PTO) in proportion to the amount of time they spend working for an employer. The system in place ensures that workers receive recognition and compensation for the time and effort they put into their jobs. What is the procedure for accumulating vacation days? The method by which an employee accumulates vacation time is often contingent upon a variety of circumstances, such as the company's policy, the employment re...