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.
Use My Business Account to confirm your representative!
Unsure about who has access to your tax information? As of October 2022, changes to Confirm my Representative will allow you to easily and securely control who can access your business's tax information. Change highlights All authorization requests submitted by...
The Canada Revenue Agency is helping personal service businesses understand their tax obligations
Job markets across the country are evolving and changing the way many people are doing their jobs, including service providers who are choosing to incorporate to do freelance work as individual contractors. What is a personal service business An individual who...
Are you incorporated but perform the duties of an employee? You might be a personal services business. Know your tax obligations.
In certain industries, you may choose, or be asked, to incorporate for work. However, it is important that you are aware of how being incorporated might affect your tax obligations. An individual may choose to incorporate their business in order to provide services to...
Information Sessions on Canada Emergency Response Benefit (CERB) Repayment Letters
The Canada Revenue Agency (CRA) is standing by to assist Canadians who may have received correspondence indicating that they will now have to repay some or all of the COVID-19 individual benefits that they received during the pandemic. Some of your clients and...
Have questions about a letter related to COVID-19 benefits? Don’t worry, we are here to help!
The Canada Revenue Agency (CRA) is standing by to assist Canadians who may have received correspondence indicating that they will now have to repay some or all of the COVID-19 individual benefits that they received during the pandemic. As part of its response to the...
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. To help further strengthen the security of your online accounts, we are increasing the security requirements for...
Free webinar for individuals and businesses: Housing and Travel Benefits
The Canada Revenue Agency (CRA) is committed to informing individuals and businesses of their different tax obligations. Please join us on Wednesday May 25, 2022, for our free webinar: Housing and Travel Benefits, where we will provide information about what housing...
Introducing the Progress Tracker in My Account!
We’re constantly working to improve our digital services to help Canadians get the tax and benefit information they need. The Canada Revenue Agency (CRA) has launched the Progress Tracker in My Account, which allows users to view the status of requests submitted to...
File your return by the deadline: Last-minute tax-filing tips to help you
Are you a last-minute filer? If you are, you are not alone. Check out the information below to streamline your tax-filing experience. The 2021 tax-filing deadline for most individuals is April 30, 2022 Since April 30, 2022 falls on a Saturday, your tax return will be...
Improving accessibility at the Canada Revenue Agency
The Government of Canada is fully committed to improving accessibility in all that it does, as cemented by the Accessible Canada Act that aims to make Canada barrier-free by 2040. To support this, the Canada Revenue Agency (CRA) will be consulting with persons with...