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.
Did you provide your employees a taxable benefit during the pandemic? Here’s what you need to know:
In light of the COVID-19 pandemic, the Canada Revenue Agency (CRA) recognizes that many employers and employees have had to adapt so employees are not unduly exposed to COVID-19 while performing their duties. Recognizing these extraordinary circumstances, the CRA...
Received a T4A slip from CRA? Here’s what you need to know
If you have applied and received COVID-19 benefit payments from the Canada Revenue Agency (CRA) in 2021, this explains why you have received a T4A Statement of Pension, Retirement, Annuity, and Other Income slip. These benefits are taxable, and the information on your...
Get your benefits and credits! Register for our free webinar.
With tax season just around the corner, it's important to know which benefits and credits you may be eligible to receive. The Canada Revenue Agency (CRA) is pleased to offer an interactive webinar. Some of the topics that will be covered include: Canada child benefit...
What is cryptocurrency?
A cryptocurrency is a type of virtual asset that is protected using cryptography. It typically uses a system called a blockchain to record and keep a history of transactions. Cryptocurrencies, such as Bitcoin and Ether, are independent, meaning they do not rely on...
How to verify the CRA has contacted you
With the holidays just around the corner, scammers could contact you pretending to be from the Canada Revenue Agency (CRA). Scammers are trying to trick individuals into making payments, and we're doing everything we can to put a stop to this. That includes letting...
Do you know your GST/HST filing period? Keeping up with your GST/HST returns will help you avoid penalties and interest in the future
As a GST/HST registrant, you must complete a GST/HST return for every filing period, even if you have no business transactions to report or GST/HST to pay. But GST/HST filing periods are not one size fits all. Depending on your business's total annual sales, you may...
Worried that the Canada Revenue Agency got it wrong? How to dispute a tax decision
No one "enjoys" paying taxes, but we recognize that it contributes to Canada's ongoing economic and social well-being. As the organization responsible for administering tax laws for the Government of Canada and for most provinces and territories, the Canada Revenue...
Introducing the new multi-factor authentication passcode grid
The Canada Revenue Agency is committed to protecting the personal and tax information of Canadians by making the multi-factor authentication (MFA) security feature accessible to all users. As of September 26, 2021, the new MFA passcode grid is now available to all...
The Government of Canada launches online calculator to help businesses apply for the new Canada Recovery Hiring Program
The Government of Canada remains committed to supporting Canadian businesses in the face of the ongoing pandemic. With the recently announced Canada Recovery Hiring Program (CRHP), hard-hit businesses will be able to hire the workers they need to recover and grow as...
How to tell you’ve been contacted by the CRA, and what to do if you are
Now that you've filed your 2020 income tax and benefit return, it's possible that the Canada Revenue Agency (CRA) contacts you to discuss your tax and benefit situation. However, you should be aware of scammers pretending to be CRA employees. They often contact...