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 ...
It’s important to make sure you’re completely prepared before establishing a business, but understand that things will likely not go as to plan. A business must evolve to deal with changing economics, technology, and society. In-depth market research is vital for any business plan to understand your field and your potential customers better, in addition to doing surveys, conducting focus groups, and analyzing SEO and public data. This needs a generous budget. Before you launch your product or service, you must work on building your brand and establishing a following of customers who are eager ...
The definition of forensic accounting has a relatively brief but fabled past. In forensic accounting, the financial evaluation of the person or corporation uses accounting, auditing and investigation expertise. Forensic accounting provides the required accounting analysis for court cases. Forensic accountants are qualified to see past statistics to deal with a situation’s business reality. Forensic accounting is also used to clarify the essence of financial offences in court in fraud and embezzlement cases Not everybody can be an accountant, and even less can be a forensic accountant. Such pro...
Maybe it was an idea that struck you out of nowhere, or perhaps your small business’ inspiration was an idea and plan that was years in the making. Whichever it was, your small business is your baby, and running it successfully is something that is of paramount importance to you. With that being said, there are so many aspects to successfully running your small business that it can make even an experienced entrepreneur’s head spin. It is vital that a business owner has an intimate knowledge and relationship of the inner workings of their company, from local and global supply and demand to mark...
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...
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...
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...
How To Improve Lawyers Bookkeeping And Never Miss Trust Reconciliation Report When it comes to staying on top of the bookkeeping for your law firm, one of the most essential things that can get messy is your trust account reconciliation reports’ deadlines. While you’re focusing on your caseload and clients, the last thing that you’re probably thinking about each and every day is the state of your firm’s accounting. Trust Reconciliation Trust reconciliation reports need to be filed on time every month. Not filing late will save you the headache. These types of headaches are not the ones that yo...
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...
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...
Accounting industry has benefited so much from the technology boom. Accounting and running a small business now adays have improved exponentially. It wasn’t long ago that some colleges and university were talking about “general Ledgers” “Books” and so on. Basically, accounting hadn’t changed in a long time. Now, I am pleasantly surprised when I see new apps are emerging that changing accounting and making it so much more efficient and effective to run a business. Business on your fingertips – literally This app will empower you to run your business even better, save time, your money, and your ...