Current Bookkeeping News
In a survey, TD Bank asked 508 small-business owners what they loved about owning their own business. Nearly all of the respondents — 96 percent — said they loved having flexibility and a feeling of control. They loved spending time with their customers and serving them.
But bookkeeping? Not so much. Almost half of the owners surveyed said that bookkeeping was their least favorite task. And the more time the business owners spent running their businesses, the more they loathed the task — 58 percent of business owners working 60 or more hours a week said that bookkeeping was particularly draining. Handling finances, banking and marketing were also unpopular items on the to-do list of many small-business owners.
The survey didn’t delve into the reasons why bookkeeping tasks gets no love, but I can fill in some of the blanks from past experience.
- Bookkeeping can be hard. Unless you have an accounting degree, you won’t automatically know the first thing about basic accounting practices. You have to learn it.
- Bookkeeping usually isn’t fun. It’s all about cold hard facts — the truth. When you see your business expenses racking up and little income trickling in, it can hurt.
- Bookkeeping can be very time-consuming (especially if you’re new at it.)
- With bookkeeping, it’s easy to make mistakes, and mistakes can be costly.
Fraud Prevention Month: How to recognize fraud, scams, and tax schemes
Every March, the Canada Revenue Agency (CRA) joins organizations around the world to recognize Fraud Prevention Month. Keeping your information secure is a top priority for the CRA. Learning how to identify fraud, scams, and tax schemes helps you keep your personal...
Important tax information about the Canada Carbon Rebate for Small Businesses
At the Canada Revenue Agency (CRA), we understand that managing the financial aspects of your business can be complex, especially when it comes to navigating tax requirements. In light of this, we want to share some important information regarding the Canada Carbon...
Hold the phone! You can find answers to taxpayers’ most common questions right here!
Did you know that many of the tasks that you might call in to complete can be easily managed online? Last year, the Canada Revenue Agency's (CRA) contact centres received over 7 million calls during tax season, which is approximately 75,000 to 90,000 calls a day...
The Canada Revenue Agency announces 2025 grant funding for free tax clinics
The grant pilot project that helps organizations that offer free tax clinics has been extended for 2025. This funding will provide support for the upcoming tax season for organizations that have and will participate in the Community Volunteer Income Tax Program...
Tax season starts on February 24! Here’s what you need to start filing
Tax season starts next week! When the calendar flips to February 24, 2025, you will be able to file your income tax and benefit return online. With the right preparation, filing your tax return can be a smooth and stress-free experience. The Canada Revenue Agency...
What you need to know for the 2025 tax-filing season
Tax season is almost here! Whether you're a seasoned filer or it's your first time, having the essential information can save you time and stress. It could even put more money in your pocket. We want you to receive any refunds and benefit and credit payments you may...
Why not volunteer to help others do their taxes?
Are you looking for a new challenge to kick off 2025? Do you love the idea of helping people in your community? The Canada Revenue Agency (CRA) is looking for volunteers to help people with modest incomes and simple tax situations do their taxes through the Community...
Registered for a GST/HST account? Know your filing obligations!
If you are a GST/HST registrant, you must complete a GST/HST return for each reporting period, even if you have no business transactions to report. Depending on your sales, you may file monthly, quarterly, or annual returns. Your filing due dates are determined by...
Get access to My Account, My Business Account, and Represent a Client with a single sign in!
This tax season, the Canada Revenue Agency (CRA) has simplified its sign-in process, making it easier to access the My Account, My Business Account, and Represent a Client portals with a single sign in. We are prioritizing improvements to our digital services to make...
Stress-free filing starts now! Here are five easy ways to help you get ready for tax season
Tax season is almost here and now is the perfect time to start preparing! Getting ready early can help make sure you file your income tax and benefit return on time. It can also help you avoid delays or interruptions to any refund, benefit, or credit payments you're...