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...
Here at Numetrica, inquiries concerning HST in Canada are among the most frequently asked. It might be difficult and scary to understand what HST is, when to register for it as a business, and how to apply for a HST number. In Canada, the HST is only used in a few provinces, and every province has its own set of laws governing credit, collection, and remittances. It's crucial that you abide by the proper HST regulations if you recently started your own business or if you're new to the province. Use Numetrica to find the answers to all of your HST queries! HST Definition: What Is It All About? ...
Business coaching: What is it? A qualified coach assists a businessperson in pursuing their career objectives through the process of business coaching. A business coach may work with a client to develop their mentality, develop business strategy, or hone leadership abilities. Everything relies on what the client of the coach hopes to get out of the partnership. Above all, business coaching is about development. What is the role of a business coach? It's possible that working with a coach will feel very much like taking on a business partner or establishing a trustworthy connection. Let's answe...
Employers all around Canada are required to complete ROEs as part of their regular payroll duties. It can occasionally be challenging to traverse the topic of ROEs and comprehend the complexity surrounding them, whether you are an employer or an employee. Problems with ROEs can result in fraud, severe financial fines, or delays in receiving benefits if they are not properly understood. Canada's Record of Employment (ROE) Services To address all of your inquiries concerning employment records in Canada, let's examine ROEs more closely from the perspectives of employers and employees. What Is th...
When it comes to understanding the complex GST/HST payment schedules and obligations, owners of small businesses may find themselves at a disadvantage. When it comes to submitting your GST/HST reports and making payments, it can feel like you are continuously playing catch-up owing to changes in federal regulations, payment methods, new credits, and revised criteria. This can be frustrating for business owners. When your company's sales of goods and services in Canada total more than $30,000 over the course of four consecutive quarters, you are obliged to apply to the Canada Revenue Agency (CR...
The process of preparing your T2 corporate tax return can be intimidating. The requirements and tax forms for filing a T2 return can be overwhelming, whether you are a newly incorporated company or expanding your current business operations. Employing a CPA (Chartered Professional Accountant) with experience in T2 corporate tax returns is always advised if your company does not have an internal accountant or accounting team. Maintaining compliance with these obligations is crucial as your corporation's tax obligations increase. The T2 tax returns for Canadian corporations are the area of exper...
You have just purchased a new franchise or are taking baby steps with your small business. What is the first thing you need to focus on? If your answer is taking care of the accounts and bookkeeping, then let me tell you, you are on the right path. Bookkeeping is integral to a business; you must consider its importance. No matter how much you try to do the daily bookkeeping yourself, you can't deal with the later-on accounting problems. One small mistake in the accounts will impact your business's overall image. But you don't have to worry about that because there are many bookkeeping an...
In Canada, a person who runs their own unregistered corporation-free firm is considered self-employed. A self-employed person obtains business income as their own income rather than wages from an employer as employment income. The Canada Revenue Agency (CRA) requires you to file a variety of specialized tax return documents annually if you are a self-employed resident and worker in Canada. It might be challenging to figure out which self-employed tax forms apply to you, particularly in your first year in business. It doesn't have to be difficult to file your taxes as a self-employed person, es...
According to the Canadian Revenue Agency, we are all taxpayers. This means that everyone, including businesses, needs to do their part. Other than having to pay taxes, each of us is different in some way. In this case, the point is that everyone needs professional and personal help with their tax problems. Because of this, it can be hard to find an accountant who can meet all of your financial needs when it comes to your tax obligations. Throughout Ontario, there are many offices to choose from.Therefore, when it comes to price, the priciest accounting firms might not always be the best option...
Then sweat over them for several hours entering numbers one by one into an accounting system. I remember before the creation of cloud accounting, I used to spend hours entering cheques, sometimes it would be up till 7 in the morning entering cheques. God forbid if you transpose a few numbers or have the wrong dates for the cheques. You would then have to search and see where you made a mistake and correct them since your bank reconciliation is not working. Enter the Hubdoc, Hubdoc has the Optical Recognition feature so it will read the expense sheet and retrieve all the accounting data a...
Are you running your own dentistry practice accounting and finding it? Or maybe you’re just finding it hard to keep track of the accounting, budget, expenses, and when all else is said and done taking what little is left as your pay? When it comes to dentistry and dentists who run their own practices in Ottawa, this lack of a ‘profit first system’ is quite common. Being sure that you’re taking care of yourself and your pay first can be backwards thinking to what you’ve been engrained to believe. Especially when it comes to accounting for dentists in Ottawa. We’re taught to think that when ther...