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Innovating for the future
Faber LLP has embraced digital transformation in the accounting industry. Online Accountant LLP, their cloud-based accounting firm, is a testament to their commitment to innovation and adaptability in a rapidly evolving business environment.
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Should you do your own taxes?
As a Chartered Professional Accountant (CPA) and owner of a virtual accounting agency in Canada, this is a question that I get asked frequently. In this blog post, I'll discuss the benefits and drawbacks of doing your own taxes vs working with a professional accountant.
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Vehicle Expenses for Sole Proprietors or Partnerships in Canada
As a chartered professional accountant, I understand the importance of maximizing tax deductions for small business owners. One of the most significant expenses for a small business is the cost of operating a vehicle, whether it is for business use or personal use.
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What Independent Contractors Should Know About Personal Service Businesses
As an independent contractor, you may be considering setting up a personal service business (PSB). A PSB is a type of business in which the services you provide are primarily your own personal skills or expertise, rather than being based on the use of capital or equipment. There are several important things you should know about personal service businesses in Canada.
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Your Guide to Deducting Home Office Expenses
Running your small business can seem overwhelming, from finding new customers to properly categorizing your expenses. Expense classification is important not only to provide you with accurate numbers to base your decisions on, but also because this information gets filed on your tax returns.
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Are Gifts To Customers And Clients Deductible Expenses?
As a small business owner, you know that your success is directly tied to the relationships you build with customers and clients. And it's not just about the money — building relationships can be the key to developing long-term partnerships, referrals, and repeat business.
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What You Should Know After You Have Incorporated
Congratulations on taking the important step of incorporating your business in Canada! Incorporating can provide many benefits, including limiting your personal liability, increasing credibility with customers and suppliers, and potentially reducing your taxes. However, there are also many obligations that come with incorporation, so it is important to be aware of what you should know after you have incorporated your business in Canada.
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What are the Four Financial Statements?
What is the top way to understand where your business stands? Look at the financial statements. There are four main financial statements that business owners create, each of which gives insight into a different component of your business.
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Can You Write Off Clothes as a Business Expense?
Are you confused about if clothing is a business expense? If so, don't get discouraged as the deductibility of clothing remains a gray area of CRA regulation.
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Cash Accounting vs Accrual Accounting
Business owners face an important decision when it comes to choosing their accounting method: cash or accrual? Each of these methods comes with different advantages and disadvantages, meaning one might appeal to you over the other.
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How to Categoirze Expenses for Your Small Business
Running your small business can seem overwhelming, from finding new customers to properly categorizing your expenses. Expense classification is important not only to provide you with accurate numbers to base your decisions on, but also because this information gets filed on your tax returns.
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What Happens If I File My Taxes Late?
Whether you're a seasoned procrastinator or were waiting on tax forms that never arrived, filing your taxes late does happen. Navigating the next few weeks after you miss the tax deadline is crucial to minimize your penalty burden and keep the CRA from sending you a letter.
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Your Guide To Virtual Accounting Services
Technology has significantly changed the way we communicate. In-person meetings are now switching to Zoom and phone calls are converting to instant messaging systems.
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Payment Methods for Small Businesses in Canada
Analyzing the different payment methods will be critical to meeting consumer needs, making it important to revisit and implement new methods as technology changes.
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How to Pay Yourself from Your Corporation
When your business finally starts making a profit, how do you pull money out? Despite what you may believe, you can't simply pull money out whenever with no record keeping.
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Canadian Small Business Bookkeeping Guide
Maintaining an effective bookkeeping function takes due diligence and constant attention, accomplished by focusing on cash flow, investing in software, reviewing financial reports, and consulting with an expert.
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Should I Incorporate? The Pros and Cons of Incorporating
The basics of incorporation, pros and cons, and the general process are all areas to understand when considering incorporating your business.
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