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 for newcomers to Canada: Watch out for tax schemes targeting you!
The Canada Revenue Agency (CRA) has recently discovered a tax scheme that targets newcomers to Canada. This scheme tells newcomers which benefit and credit payments they may claim for periods of time before they arrived in Canada. If you or someone you know is new to...
What you need to know for the 2024 tax-filing season
Millions of Canadians file an income tax and benefit return every year. For the 2023 tax-filing season, Canadians filed more than 32 million tax returns, and more than 92% of them were filed electronically. There were also more than 18 million refunds processed, and...
Free webinar for Indigenous Peoples: Learn about benefit and credit payments!
The Canada Revenue Agency (CRA) is hosting a free webinar for Indigenous Peoples. Learn about the benefit and credit payments you could be eligible to receive by doing your taxes, even if you have no taxable income. Topics include: simplified tax forms for Indigenous...
Employers – What you need to know about home office expenses for the 2023 tax-filing season
The Canada Revenue Agency recently updated its webpages and Form T2200 for the 2023 tax year. The updated form makes it easier to complete for employees who are only claiming a deduction for home office expenses. The CRA also created a calculator to help employees...
Help members of your community get benefits and credits by hosting a free tax clinic
The Canada Revenue Agency (CRA) wants your help! We're looking for more organizations to host free tax clinics through the Community Volunteer Income Tax Program (CVITP) and the Income Tax Assistance – Volunteer Program (ITAVP) in Quebec. Free tax clinics make it...
Free webinar: Get your benefits and credits!
Benefit and credit payments are designed to support individuals and families with the cost of living. Doing your taxes will make sure that you get the payments you are eligible for. Join the Canada Revenue Agency (CRA) for a free webinar to learn more. We’ll be...
Not today, scammer! Find out if it’s really the CRA contacting you
Are you receiving emails insisting you click on a link? Text messages promising a benefit payment or refund? Phone calls threatening to send the police if you don't pay up? Not only are all of these really annoying, they are all signs of scams! Scammers continue to...
Get a head start on your taxes by using the CRA’s digital services
It's almost that time of year again: tax season. Many of us put off filing our income tax and benefit returns until the last minute or avoid filing altogether. By not filing, you might be missing out on certain benefit and credit payments, or a potential refund. The...
CRA/ARC: Are you a Personal services business? With the second phase of the PSB Pilot project, the Canada Revenue Agency is helping you understand your tax obligations
Are you a personal services business? With the second phase of the PSB Pilot project, the Canada Revenue Agency is helping you understand your tax obligations. To provide services to another company, you may choose, or be asked, to incorporate your services. If you...
Free webinar for persons with disabilities: Register to learn about benefits and credits!
You’re invited to join the Canada Revenue Agency (CRA) for the live and interactive webinar to learn more about the benefits and credits available to persons with disabilities and their caregivers. We’ll be talking about: Disability tax credit (DTC) Child disability...