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.
Government of Canada cheques
The Canada Revenue Agency (CRA) wishes to inform financial institutions and businesses of the possible circulation of fraudulent cheques for the GST/HST credit for individuals. This information is intended solely for financial institutions and businesses cashing...
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. Depending on your business’s total annual sales, you may have monthly, quarterly or annual filing periods. It’s...
*REMINDER* Representatives: Help keep your accounts secure
The Canada Revenue Agency (CRA) continues to add enhanced security measures to ensure Canadians feel safe and confident when using our digital services. On October 17, 2022, we increased the security requirements for Represent a Client to help further strengthen the...
Seniors: We’ve got tips to help you this tax season!
Seniors, we're here to help make sure you get all the benefits and credits that you may be entitled to! These tips will help you complete your income tax and benefit return and avoid interruptions to your benefit and credit payments. Filing and payment deadline You...
Not sure if it’s the CRA calling? Here’s how to find out!
The holidays are approaching, but scammers aren't taking any breaks from their attempts to trick you into handing over money or personal information. Scammers prey on the increased financial pressures that many of us face around the holidays, so it's important to be...
Free webinar for persons with disabilities: Register to learn about benefits and credits!
Persons with disabilities and support organizations are invited to join the Canada Revenue Agency (CRA) for a free webinar about the benefits and credits available to persons with disabilities. Topics include: New eligibility for the disability tax credit (DTC) some...
Helping your clients or members get ready for new benefits.
The Government of Canada has proposed new financial support measures to make life more affordable for Canadians. The proposed Canada Dental Benefit would provide financial support for eligible families earning less than $90,000 per year. Parents and guardians with...
Free webinar for individuals and businesses: T2200 Form for Employers
The Canada Revenue Agency (CRA) is committed to informing individuals and businesses of their different tax obligations. Please join us on Wednesday October 26, 2022, for our free webinar: T2200 Form for Employers, where we will provide information to employers who...
*REMINDER* Representatives: Help keep your accounts secure
The Canada Revenue Agency (CRA) continues to add enhanced security measures to ensure Canadians feel safe and confident when using our digital services. On October 17, 2022, we are increasing the security requirements for Represent a Client to help further strengthen...
Free webinar: Be scam smart!
Scammers target persons from all walks of life. No one is immune. By popular demand, join us for a presentation that will help you recognize the many types of scams and learn what to do if you are a victim of a scam. Topics include: how to identify fake CRA calls,...