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.
Canada Revenue Agency announces maximum pensionable earnings and contributions for 2025
What's new? In 2024, a second earnings ceiling was introduced, the Year's Additional Maximum Pensionable Earnings (YAMPE). The YAMPE is used to determine second additional Canada Pension Plan contributions (CPP2). In 2024, the YAMPE is approximately 7% above the...
Did you know that there are digital services that can make it faster and easier for you to meet the tax obligations for your business?
Hi, I'm Charlie! Charlie the chatbot. You can find me on the Canada.ca/CRA webpage where I can answer questions about your business and other tax-related matters. From January to June 2024, I was asked just over 1,100,000 questions in English and 160,000 questions in...
Canada Carbon Rebate for Small Businesses: Payment Rates and Online Estimator
The Canada Revenue Agency (CRA) would like to highlight new information about the Canada Carbon Rebate for Small Businesses, a refundable tax credit designed to support small and medium-sized enterprises across Canada. This initiative aims to return a portion of the...
Information Requirements for Basic Grocery Ruling Requests
From: Canada Revenue Agency GST/HST Notices - Notice 338 September 2024 This publication explains the requirements to request a GST/HST ruling on grocery products. Except as otherwise noted, all statutory references in this publication are to the provisions of...
The CRA invites you to share your experiences with its services
At the Canada Revenue Agency (CRA), we understand how important it is to put people first and provide high quality services that meet the needs of all taxpayers and benefit recipients. As the world changes with new technologies and evolving trends, we know there's...
Register for our free webinar: Be scam smart!
Don’t let scammers trick you! They target everyone, and anyone can be a victim. We invite you to an engaging presentation where you will learn how to spot different scams and what to do if you become a victim. Our webinar will cover: how to identify fake CRA calls,...
Teachers and parents: Join the movement to enhance tax literacy
Tax literacy is an important life skill, and we want to make sure that students have the knowledge, skills, and confidence to make the right decisions about taxes. This back-to-school season, we’ve got you covered! Whether you are an educator, a parent, or an...
Students: It pays to do your taxes!
Heading back to school? Make sure tax literacy is on your course calendar! Understanding taxes will help you make smart decisions about your finances – how to put money in your pocket and help you save for a holiday, a car, or a house of your own. Money in your pocket...
Watch your limit when contributing to your Tax-Free Savings Account (TFSA)!
Are you saving for a car or a dream vacation? A TFSA is a great way to save tax-free. The TFSA is a way for individuals who are 18 and older and have a valid social insurance number (SIN) to save money and withdraw it tax-free throughout their lifetime. Whether you...
Excise and GST/HST News – No. 117
From: Canada Revenue Agency August 2024 Table of Contents Public service bodies' rebate rate increases for New Brunswick Whitecap Dakota Nation Self-government treaty First Nations goods and services tax GST/HST relief Ka:'yu:'k't'h'/Che:k'tles7et'h' First Nations:...