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Blog Posts in July, 2014

The Canada Revenue Agency (CRA) is targeting consultants & contractors in the oil patch.

The Canada Revenue Agency (CRA) is targeting consultants & contractors in the oil patch. A tax audit could cost you $6,000 per year or more in taxes and penalties. We have a solution to eliminate ...
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Internal Control of Revenues and Expenses

As a business owner, you have now found out that only you can control how the business operates. Part of this control relates to the finances of your company. This article seeks to discuss the ways ...
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Disability Tax Credits

Do you know if you or a loved one is eligible for the disability tax credits offered by the Canadian and Alberta governments? The disability tax credit is a non-refundable tax credit used to reduce ...
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How to Read an Income Statement

Before we can start the reading of an income statement, we need an income statement to look at. For this article we are going to use the following as a basis: To begin we will review the basic ...
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Dressing Up Your Financial Statements

There are times when you have to provide financial information to outside parties. Generally speaking, you will only do this when you have no choice (i.e., the government) or when you want something. ...
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How to Select a Good Accountant

The quick and easy answer to how to select a good accountant is to say, "Select me!" That, however, is not the purpose of this article, so we will provide you with some additional criteria ...
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Accounting: An Introduction

Revenge of the math club is how many independent business owners view the need for accounting. Unfortunately, this may result in the owner totally ignoring the entire process and using other tools to ...
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How do I deduct business use of my vehicle?

How do I deduct business use of my vehicle? I get this question a lot. The following covers the basics. For specific situations contact your business advisor, book keeper, accountant, tax planner or ...
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