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.
Warning: Watch out for TFSA maximizer schemes
The Canada Revenue Agency (CRA) is warning Canadians about participating in tax schemes where promoters are claiming that individuals can transfer funds out of their registered retirement savings plan (RRSP) or registered retirement income fund (RRIF) into a tax-free...
Warning: Watch out for tax shelter gifting schemes
The Canada Revenue Agency (CRA) is warning Canadians about getting involved in tax shelter gifting arrangement schemes. Promoters, including some representatives, tax preparers and investment professionals, are encouraging their clients to participate in gifting...
The CRA is now accepting grant applications from organizations that host free tax clinics
From May 1 until June 30, 2021, the Canada Revenue Agency (CRA) will accept grant applications from community organizations that offered free tax clinics in 2021 through the Community Volunteer Income Tax Program (CVITP) and the Income Tax Assistance – Volunteer...
CRA Warns About Tax Fraud
The Canada Revenue Agency (CRA) is warning Canadian taxpayers and their representatives about creating or ignoring fake documents, fake loans, and fake business agreements in order to get around the Income Tax Act or the Excise Tax Act. These actions, even if...
Do you work in the gig economy? Here’s what you need to know
What is the gig economy? The gig economy is based on temporary and freelance work, or short-term contracts. If you are connecting with clients through online platforms or applications (apps) such as Clickworker, Crowdsource, or Fiverr to provide them with your...
Upcoming Events From CRA
Webinars The Canada Revenue Agency (CRA) is pleased to host free webinars on a variety of subjects. Click on the button below to register to attend as new events become available! Register Free webinar on Wednesday, May 26, 2021: Automobile and motor vehicle...
CBA Newsletter
We are working on a quarterly newsletter that will have articles from other bookkeepers on the challenges they face in their business and working environment. It will also contain the latest info on what CRA and Services Canada are up to and how much the bookkeeping...
Join us April 26
The Canadian Payroll Association is hosting a special three-hour webinar this April. Diversity, Equity and Inclusion in the Workplace is designed to help organizations and employees learn the skills and behaviours that will foster an inclusive culture. After...
Canadian Payroll Association
Attend our upcoming webinar, Dispelling the Myths on Conditions of Employment, and find out whether your organization has any obligation to complete the T2200 and the TP-64.3 forms and what information should be included on them. Get all the latest information on this...
The Canada Revenue Agency’s payroll podcast
Episode 3: Parking as a taxable benefit The Canada Revenue Agency (CRA) is pleased to announce the third episode of its payroll podcast, aimed at the payroll community and employers in general. In this episode, we continue our four-part conversation on taxable...